BOJ’s Kuroda to Be in Switzerland as Brexit Results AnnouncedBy
Bank of Japan Governor Haruhiko Kuroda will be in Switzerland as the results are announced of the U.K.’s June 23 vote on whether to remain in the European Union.
Kuroda will be traveling from June 23 to June 28 to attend meetings of the Bank for International Settlements, where other central bankers also will gather, the BOJ said Wednesday.
Given the travel time between Europe and Japan, Kuroda would be unable to chair an emergency meeting if the central bank decides to hold one Friday Tokyo time in the event the U.K. votes to leave the EU.
“This raises the likelihood of the BOJ not taking drastic measures right after the results come out,” said Daiju Aoki, an economist at UBS Group AG in Tokyo. “Kuroda probably sees the benefit of being with other central bankers where they could talk about coordinated action.”
In a press conference June 16, Kuroda declined to comment about whether he’d convene an emergency meeting after the Brexit vote and said the central bank was in touch with counterparts including the Bank of England amid Brexit concerns he said had had an impact in the bond market.
The BOJ can hold an emergency meeting without the governor, according to the bank’s rules. In May 2010, then-Deputy Governor Hirohide Yamaguchi led an emergency gathering in the absence of Governor Masaaki Shirakawa, who was traveling in Europe.
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