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Japan to nominate ADB president as BoJ chief: reports

Published on Feb 25, 2013 8:05 AM

TOKYO, Feb 25, 2013 (AFP) - The Japanese government of Mr Shinzo Abe is set to nominate Asian Development Bank president Haruhiko Kuroda as governor of the central bank, reports said on Monday, sending the dollar surging against the yen.

The greenback surged past 94 yen (S$1.25) in early Asian trade from 93.37 yen in New York on Friday, with investors confident that there will be fresh aggressive easing steps by Mr Abe's administration to boost the flagging economy.

The cabinet plans to submit his nomination to parliament this week, the Nikkei and other newspapers said. The appointment requires parliamentary approval.

If approved, the 68-year-old former finance ministry bureaucrat will succeed incumbent Bank of Japan (BoJ) governor Masaaki Shirakawa, who is stepping down on March 19, several weeks before the end of his term.

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