Kuroda Reconfirmed as Bank of Japan Chief for Full 5-Year Term

Bank of Japan Governor Haruhiko Kuroda was reconfirmed today by parliament for a full five-year term, a day after the bank said it will double monthly government bond purchases in a bid to defeat deflation.

Kuroda took office in March, serving the remaining three weeks of outgoing Governor Masaaki Shirakawa’s tenure, and both houses of parliament voted to re-appoint the new central bank chief to a new term that begins April 9. The upper house, where Prime Minister Shinzo Abe’s Liberal Democratic Party-led coalition lacks a majority, voted 186-20 in favor.

The BOJ’s policy board yesterday voted to increase bond purchases to about 7.5 trillion yen ($77.3 billion) per month, while dropping a limit on the maturities of debt it buys. The first announcement under Kuroda sent the yen to its biggest one-day decline since October 2011, boosted stocks and sent 10-year bond yields to their lowest on record.

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