As president of the Manila-based Asian Development Bank, Haruhiko Kuroda spent the past seven years confronting the challenges posed by 48 diverse, dynamic and complex Asia-Pacific economies. If he thought that was hard work, consider what awaits him in Tokyo as he prepares to lead the Bank of Japan.

Kuroda, 68, can forget about a honeymoon period to get his bearings in a city he has lived away from since 2005. Markets are fed up with Japan's lost decades, a period characterized by deflation, the hollowing out of industry and a political revolving door that has spat out 16 prime ministers since 1990. They want decisive and immediate action.

Here are four priorities that should top his lengthy and tricky to-do list.