ADB president nominated to head Japan central bank

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Associated Press

Posted on February 27, 2013 at 11:34 PM

Updated Thursday, Feb 28 at 1:02 AM

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

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 Thursday in parliament, which will vote on the choice next month.

Kuroda's nomination was widely expected.

Kuroda, 68, is an Oxford-educated former vice minister of finance who has criticized 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.

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