When it comes to filling the vacancy at the top of the Bank of Japan, prospective candidates should take note — a crisis manager need not apply.
As the government prepares to name the successor to Haruhiko Kuroda after a decade in the big seat, the appointment will be a very different one to that made in the opening months of 2013. While BOJ skeptics bet they can force a transformative policy switch while the eyes of the world are on Japan's geopolitical renaissance, this is no job for a superhero. Ten years ago, Japan needed radical thinking for an urgent rescue from deflation, but this time, things are simpler. A regular central banker will suffice.
That’s one reason the list of candidates is hardly full of household names. BOJ veterans are the most likely contenders, according to central bank watchers, with most still expecting Deputy Gov. Masayoshi Amamiya or Hiroshi Nakaso, another former lieutenant, to take the top job. Rumors of a shock appointment such as Akio Toyoda, the outgoing head of Toyota Motor Corp., seem fanciful at best.