Japan Said to Name MOF’s Furusawa as Top Currency Official

Japan plans to name Finance Ministry official Mitsuhiro Furusawa as the country’s top currency bureaucrat, two government officials said.

Furusawa will replace Takehiko Nakao, who is Japan’s nominee for the presidency of the Asian Development Bank, as vice finance minister for international affairs, said the officials, who asked not to be named because the appointment hasn’t been made public.

Furusawa, 57, will take up the post as trading partners from South Korea to Germany have criticized Japan over the yen’s fall of more than 16 percent against the dollar since mid- November. Former ADB president Haruhiko Kuroda, who takes over as Bank of Japan (8301) governor tomorrow, has pledged to provide more monetary stimulus, which may weaken the yen further.

The Nikkei newspaper reported Furusawa’s appointment on March 16.

Furusawa, who heads the bureau in charge of bond issuance, joined the ministry in 1979 after graduating from the University of Tokyo with a bachelor’s degree in law. He worked at the International Monetary Fund from 2010 and 2012.

To contact the reporters on this story: Kyoko Shimodoi in Tokyo at kshimodoi@bloomberg.net; Mayumi Otsuma in Tokyo at motsuma@bloomberg.net

To contact the editor responsible for this story: Paul Panckhurst at ppanckhurst@bloomberg.net

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