The Straits Times
Published on Feb 28, 2013

ADB head Kuroda nominated to be BoJ chief


TOKYO (AP) - Japan's government has nominated Asian Development Bank President Haruhiko Kuroda to head the country's central bank, counting on his support for more aggressive monetary policy to help the world's third-biggest economy escape recession and deflation.

The current Bank of Japan governor, Masaaki Shirakawa, will step down on March 19, three weeks before his term was due to end. Prime Minister Shinzo Abe favored Kuroda, whose formal nomination was made to the parliament on Thursday.

A vote on the choice is due next month.

The nomination of Kuroda, 68, was widely expected. The Oxford-educated former vice minister of finance has criticised central bank policies in the past and backs Abe's strategy for reviving Japan's economy by fighting deflation through monetary easing and hefty government spending.