Japan’s Parliament clears Kuroda to head Bank Of Japan.
Japan’s Parliament March 15, 2013 endorsed Haruhiko Kuroda, a Finance Ministry veteran and President of the Asian Development Bank (ADB), to become Central Bank Governor and spearhead efforts to break the world’s third-largest economy out of its long bout of deflation.
Kuroda’s support is crucial to Prime Minister Shinzo Abe’s efforts to revive the economy through a combination of monetary easing, robust Government spending and longer-term reforms.
Trends have proved favourable for Abe since he took office late last year. The yen has dropped more than 20 percent against the US dollar in a coup for beleaguered export manufacturers.
Share prices have surged, with the benchmark Nikkie 225 index up 27 percent in the past three months.