Reflationists in BOJ Board to Decrease to 2

Tokyo, March 1 (Jiji Press)--Reflation-minded members backing aggressive monetary easing will decrease to two in the Bank of Japan’s Policy Board after expected parliamentary approval of the government’s nominees for the next governor and deputy governors.

Current Deputy Governor Masazumi Wakatabe in the reflationist camp, who has supported incumbent Governor Haruhiko Kuroda’s unprecedented monetary easing policy, will leave the board when his term ends on March 19.

The change in the Policy Board dynamics is expected to affect the BOJ’s future policy discussions, including on an envisioned exit from the current policy.

“I’d like to take on challenging tasks,” BOJ governor nominee Kazuo Ueda told the House of Councillors, the upper chamber of the Diet, on Monday.

The Policy Board is made up of the governor, two deputy governors and six other members. The nine policymakers are each given one vote for deciding the bank’s monetary policy.

[Copyright The Jiji Press, Ltd.]