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Teizo Taya, former managing director of Daiwa Institute of Research, was appointed to the Bank of Japan’s nine-member Policy Board Friday. Taya, 54, served as an economist with the International Monetary Fund for 5 1/2 years before joining DIR in 1983. In the past he has advocated that the BOJ increase its outright purchases of long-term government bonds from the current 400 billion yen a month. Taya’s appointment is not expected to affect the central bank’s zero interest rate policy; a large majority of the board supports the current stance. The post had been vacant since October, when member Yasuo Goto retired after his five-year tenure.

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