Diet endorses Kuroda as BOJ governor
The Diet on Friday endorsed Haruhiko Kuroda, a finance ministry veteran and president of the Asian Development Bank, to become the Bank of Japan governor and spearhead efforts to break the world’s third-largest economy out of its long bout of deflation.
Kuroda’s support is crucial to Prime Minister Shinzo Abe’s efforts to revive the economy through a combination of monetary easing, robust government spending and longer-term reforms.
Trends have proved favorable for Abe since he took office late last year. The yen has dropped more than 20% against the U.S. dollar in a coup for beleaguered export manufacturers. Share prices have surged, with the benchmark Nikkei 225 index up 27% in the past three months.