Opposition Finally Backs New Chief for Bank of Japan

Shirakawa to fill critical spot as stalemate ends
By Laurel Jorgensen,  Newser Staff
Posted Apr 9, 2008 2:45 AM CDT
Masaaki Shirakawa delivers his policy speech for his nomination during the hearing at the House of Representatives of the Diet in Tokyo Tuesday, April 8, 2008.    (AP Photo/Toshifumi Kitamura)
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(Newser) – The Democratic Party of Japan has accepted a new central banker just in time for the crucial meeting of G7 finance leaders in Washington on Friday, reports the International Business Times. The top spot has been vacant since March 19, leaving the bank vulnerable during an unsteady economic time. Masaaki Shirakawa is expected to be formally nominated today as Bank of Japan chief.

Opposition politicians rejected the prime minister’s first two nominees for the position. Shirakawa, one of the bank’s deputy governors, said he planned to reclaim credibility for the BOJ. He attributed Japan’s sinking economy to “soaring fuel and materials prices” and the weakening global economy.