Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Aso Says Next BOJ Chief Doesn’t Have to Be From Finance Ministry

Don't Miss Out —
Follow us on:

Feb. 22 (Bloomberg) -- Japanese Finance Minister Taro Aso said that the next governor of the Bank of Japan doesn’t have to be someone with a finance ministry background, after an opposition party said it wouldn’t support such a candidate.

“They don’t have to be from the Ministry of Finance as long as close communications are maintained,” Aso told reporters in Tokyo today. He reiterated that the candidate should have good foreign language skills and experience of managing a large organization.

Investors are assessing the BOJ’s commitment to further easing to meet a 2 percent inflation target as Prime Minister Shinzo Abe prepares to nominate a new central bank chief next week. His choice must be approved by the upper house of parliament where the ruling Liberal Democratic Party lacks a majority, giving sway to opposition parties.

The yen was 0.2 percent lower at 93.28 per dollar at 1:45 p.m. in Tokyo.

Your Party leader Yoshimi Watanabe said in an interview on Feb. 14 that Asian Development Bank President Haruhiko Kuroda and former BOJ Deputy Governor Toshiro Muto are unacceptable choices to succeed Masaaki Shirakawa as central bank governor because they are both former Ministry of Finance bureaucrats.

“If this becomes a situation of ‘MOF sets currency policy so the BOJ should keep its mouth shut,’ then there’s a fear the BOJ won’t carry out bold monetary easing,” said Watanabe, whose party has 12 legislators in the 242-seat upper chamber.

Watanabe told reporters today that he hopes the next BOJ governor and two deputy governors are reflationists from outside the government.

Abe will decide his nominee for a successor to Shirakawa next week, once he returns from meeting President Barack Obama in Washington, Chief Cabinet Secretary Yoshihide Suga told reporters on Feb. 19 in Tokyo. Shirakawa and his two deputies will step down on Mar. 19.

To contact the reporter on this story: Toru Fujioka in Tokyo at tfujioka1@bloomberg.net

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.