The Abe administration has picked a veteran executive of Toyota Motor Corp., one of the biggest beneficiaries of "Abenomics," to replace a Bank of Japan board member who in October had opposed expanded monetary stimulus.
Yukitoshi Funo, 68, a former chief of Toyota's North American operations, was nominated for the seat. He must be confirmed by both houses of the Diet, where Prime Minister Shinzo Abe's coalition holds majorities.
Funo was among those decrying yen strength years before Abe came to office in 2012, since when BOJ Gov. Haruhiko Kuroda's unprecedented stimulus has sent the currency tumbling. The businessman would join the nine-member panel at a time when it's confronting diminishing inflation pressures thanks to cheaper oil. Analysts forecast further stimulus later this year.