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Japan's parliament nears approval of BoJ nominees

The Japanese parliament also known as the Diet, which consists of the House of Representatives (480 members) and the House of Councillors (242 members), is set to accept all three nominees elected by Japan's PM Mr. Abe to establish the new BoJ leadership, the Japan Times confirms in a recently published article.

From the Japan Times: "The largest opposition party is set to give the nod for Asian Development Bank President Haruhiko Kuroda to head the central bank, lawmakers said Tuesday. Besides Kuroda, the Democratic Party of Japan plans to accept the nomination of BOJ Executive Director Hiroshi Nakaso for one of the deputy governor posts but may reject the other nominee, Kikuo Iwata, a Gakushuin University professor who advocates bolder monetary easing to achieve the central bank’s 2 percent inflation target."

However, the Japan Times explains that chances are that all three will eventually be given the approval from the Diet, including Mr. Iwata, as "smaller opposition parties are expected to vote for Mr. Iwata as the second Deputy Director" JT said.

There has been some controversy on the appointment of Mr. Iwata from the democrat DPJ party, with yesterday's comments from Keisuke Tsumura, a lawmaker from the party, saying “I feel uncomfortable about having someone who is publicly calling for the BOJ Law to be revised leading the BOJ...” This view was supported by DPJ policy chief Mitsuru Sakurai, saying, as reported by the Japan Times, that someone who supports “excessive reflation” is the right candidate.

Plans to approve Mr. Kuroda and Mr. Nakaso are scheduled for next Tuesday March 12, while confirmations for the possible three nominees are due in the Lower House on March 14 and in the Upper House on March 15.

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