The outgoing Asian Development Bank (ADB) chief Haruhiko Kuroda is set to take the post of Bank of Japan (BOJ) Governor on March 18.
Kuroda’s term as ADB’s chief will be culminated by an election to pick his successor in the ADB along with other officials for ADB’s change of administration. Kuroda has been with the ADB since 2005.
“I have also been privileged to have worked with a strong and committed Board and talented and dedicated staff. I have every confidence in the continued success of ADB in the pursuit of its critical mission to alleviate poverty,” Kuroda said in a statement.
Kuroda was personally nominated by no less than the Prime Minister of Japan Shinzo Abe after he blasted the BOJ inadequacy in doing measures in improving Japan’s economy.
The entry of Kuroda as the new shepherd of Japan’s central bank was seen as a fresh start in regaining Japan’s bullish economy particularly expecting “more spending and aggressive monetary easing”, a report from the BusinessWorld read.
Among the big concerns and challenges that Kuroda must look into after assuming his new post is on how to address the deflation in Japan’s economy which he called “abnormal”.
There has never been a developed nation that suffered deflation for 15 years — it is abnormal. The duty to stabilize prices rests with central banks. The BoJ could not end deflation,” Kuroda told Japanese reporters.
From 1999 to 2003 Kuroda served as one of Japan’s finance ministry bureaucrats. Some of his contribution to Japan’s economy includes crafting of international affairs and foreign exchange policies.
Along with Kuroda are his two new deputies Kikuo Iwata and Hiroshi Nakaso who are expecting acceptance and approval from Japan’s parliament.
Iwata has spent years as a university professors teaching economics while Nakaso earned considerable experiences as BOJ’s executive director.
Kuroda will replace outgoing BoJ chief Masaaki Shirakawa who is stepping down three weeks earlier his term suppose to end.