TOKYO (Thomson Financial) - The Japanese government is planning to nominate Bank of Japan deputy governor Toshiro Muto as the next head of the central bank, the Yomiuri Shimbun daily reported Saturday.
Toshihiko Fukui, the BoJ governor who helped pilot the economy out of a decade-long slump, must stand down when his five-year term ends on March 19.
The government may nominate Muto to parliament as the next BoJ governor as soon as next week, the Yomiuri Shimbun said, without citing sources.
He would need the approval of the opposition-controlled upper house of parliament to become head of the central bank.
The newspaper said the main opposition Democratic Party of Japan was expected to endorse Muto's nomination, as a prolonging stand-off with the government could impair Japan's international credibility.
Muto became a deputy governor in March 2003 after serving as vice finance minister for almost three years, and is widely seen as the most likely successor to Fukui.
However, some opposition party members have argued that his government background could damage the central bank's independence from the finance ministry on monetary policy.
Heizo Takenaka, a former economic reform minister, and former vice finance minister Eisuke Sakakibara, known as "Mr. Yen" for his influence in currency markets in the late 1990s, have also been linked with the role.
The five-year terms of Muto and his fellow deputy governor, Kazumasa Iwata, also expire on March 19, and their successors must be approved by both houses of parliament.
The government plans to recommend Masaaki Shirakawa, a former BoJ executive director, as one of the two deputy governors, and is searching the private sector for a second, the daily said.
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