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Diet to confirm five-year term for BOJ’s Kuroda

Kyodo

New Bank of Japan Gov. Haruhiko Kuroda will appear before the Diet on Tuesday for a confirmation hearing to continue as central bank chief beyond the remaining term of his predecessor, lawmakers said Friday.

Kuroda, a former Asian Development Bank president, has been appointed to head the bank for only three weeks through April 8, when the term of his predecessor, Masaaki Shirakawa, officially ends. To assume a full five-year term following that date, Kuroda is legally required to again undergo a confirmation process.

The government Thursday told the Diet of its nomination of Kuroda for a full term, and the ruling and opposition parties agreed Friday to hold an additional hearing at a Diet committee.

Kuroda is almost certain to be endorsed by the Diet for a second time, winning support from part of the opposition camp.

He will be joined by the BOJ’s two new deputy governors, who took office earlier this week along with Kuroda, at the confirmation hearing. They will explain the bank’s biannual report on its conduct of monetary policy.