So now we know. After much speculation, leaking and hearsay, the next governor of the Bank of Japan has been named. Toshihiko Fukui it is, to the surprise and dismay of many it seems, judging by immediate media reactions here and elsewhere.

The dismayed are of the view that under the governorship of Mr. Fukui, unorthodox monetary policy does not stand a chance. That is likely to be true. And that is surely not such a bad thing.

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