TOKYO (Reuters) - Japan's government is expected to nominate Haruhiko Kuroda, head of the Asian Development Bank, to be the new Bank of Japan governor, sources said.
That would signal a shift to a more aggressive monetary easing stance to end nearly two decades of deflation. The nomination must be approved by both houses of parliament. While the ruling bloc has a majority in the lower house, the opposition controls the upper house.
Following are five key facts about Kuroda:
- Kuroda, 68, has spoken in favour of inflation targeting and unlimited monetary easing to help pull Japan out of prolonged deflation but has played down the prospects of the Bank of Japan buying foreign currency debt.
- A career bureaucrat at Japan's finance ministry with extensive international experience, Kuroda has recently said he thinks the yen is too strong and has brushed off concerns that BOJ purchases of government debt could cause inflation to spiral out of control.
- Known for his soft-spoken demeanour, Kuroda was appointed head of the Asian Development Bank in 2004 and used his position at the development lender to push for closer economic integration in Asia.
- Kuroda has a bachelor's degree from Tokyo University's prestigious Faculty of Law and a master's degree in philosophy and economics from Oxford University.
- A fan of detective novels, Kuroda fulfilled his dream of becoming a teacher when he served as a professor of economics at Hitotsubashi University from 2003 to 2005.
(Reporting by Stanley White, Editing by Neil Fullick)