As president of the Manila-based Asian Development Bank, Haruhiko Kuroda spent the past seven years confronting the challenges posed by 48 diverse, dynamic and complex Asia-Pacific economies. If he thought that was hard work, consider what awaits him in Tokyo as he prepares to lead the Bank of Japan.
The Bank of Japan may pack a bigger punch under Haruhiko Kuroda, an opponent of deflation who ran the nation’s currency policy and then built an international reputation leading the Asian Development Bank.
Bank of Japan Governor Masaaki Shirakawa will step down on March 19, almost three weeks before his term was due, accelerating a leadership transition that may aid Prime Minister Shinzo Abe’s campaign for aggressive easing.
Prime Minister Naoto Kan ’s victory in the Democratic Party of Japan leadership race won’t help the nation’s economy because of his lack of attention to the yen’s gain against the dollar, according to Macquarie Group Ltd.
Japan’s central bank pledged to ensure financial stability after the nation’s strongest earthquake on record forced Toyota Motor Corp . to shut some plants, shut down oil refineries and sparked a plunge in stocks.
Japanese policy makers for a third straight day signaled that a stronger yen poses a danger to growth in the world’s second-largest economy, spurring speculation they will take steps to counter that risk.