Next Japan central bank head needs English, communication skills, says minister

Taro Aso, Japan;s Minister of Finance, speaks in Beverly Hills, California May 1, 2017. — Reuters picTaro Aso, Japan;s Minister of Finance, speaks in Beverly Hills, California May 1, 2017. — Reuters picTOKYO, Feb 13 — Japanese Finance Minister Taro Aso said the next governor would need English skills to deal with global financial issues, an endorsement of media reports incumbent Haruhiko Kuroda will be reappointed for a rare second term.

“Speaking fluent English is one very important condition for the job,” Aso told reporters today, adding that the BOJ governor would also need communication skills to explain monetary policy in parliament and the stamina to travel overseas.

Kuroda, who was president of the Asian Development Bank from 2005 to 2013, speaks fluent English and is known to have cultivated deep contacts with global financial executives during his stint at the ADB and as Japan’s former top currency diplomat.

Media reports over the weekend, confirmed by a source, said the government had decided to nominate Kuroda for another five-year term as central bank governor when his current one expires in April. The government is to present the nomination to parliament later this month, the source said.

Many market participants had expected Prime Minister Shinzo Abe to reappoint Kuroda after the premier frequently praised the governor in parliament for creating more jobs and reflating the economy.

Abe, however, told parliament today he has not decided who to choose as next BOJ governor, when asked by an opposition lawmaker when asked about the media reports.

Economy Minister Toshimitsu Motegi told reporters on Tuesday the BOJ’s ultra-loose monetary policy has helped eradicate Japan’s deflationary mindset, when asked about reports Kuroda will be reappointed.

“It’s important that the basic stance (on economic policy) of Abe’s administration is maintained,” he said. — Reuters

Source: The Malay Mail Online

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