Don't miss

Replay


LATEST SHOWS

ENCORE!

The highs and lows of Cannes for the critics

Read more

EYE ON AFRICA

Remembering our friend and colleague Jean Karim Fall

Read more

MEDIAWATCH

Bad diplomacy, brawls & bromance

Read more

ENCORE!

Cannes 2017: Pitch Perfect's Brittany Snow becomes an urban warrior

Read more

THE WORLD THIS WEEK

US President wraps up world tour in Italy (Part 1)

Read more

THE WORLD THIS WEEK

US President wraps up world tour in Italy (Part 2)

Read more

FOCUS

The battle against illegal fishing in West Africa

Read more

DOWN TO EARTH

Trump has already quit the Paris climate deal - just not publicly

Read more

#TECH 24

The Ice Memory Project: A treasure trove for future scientists

Read more

Power vacuum at the Bank of Japan

Latest update : 2008-03-18

Japan's opposition-led upper house on Tuesday rejected the appointment of former finance ministry bureaucrat Koji Tanami to lead the Bank of Japan, just one day before the bank's current governor Toshihiko Fukui is due to step down.

Japan's opposition on Tuesday rejected the government's pick of former finance ministry bureaucrat Koji Tanami to take over as central bank chief this week, a senior lawmaker said.
  
"The conclusion is that we cannot accept him," opposition lawmaker Yoshito Sengoku told reporters at the parliament.
  
Bank of Japan governor Toshihiko Fukui's five-year term runs out Wednesday at a time of turmoil on global markets due to concern over the US economy.
  
"Systematic risks are spreading around the world without end. As this is coming right before a potential crisis, we just can't get rid of questions about his ability," Sengoku said.
  
Tanami, who now heads the Japan Bank for International Cooperation, the government's main development lending body, was formerly the vice finance minister, or the ministry's top bureaucrat.
  
The opposition already voted down the government's first choice of Toshiro Muto, currently the Bank of Japan's number two, because he held the same position at the finance ministry.
  
"We have no choice but to be critical against the Fukuda government's obsession with former vice finance ministers," Sengoku said.
  
The opposition argues that people entrenched in the finance ministry bureaucracy are unlikely to preserve the independence of the central bank, which has often faced government pressure to keep interest rates low.
  

Date created : 2008-03-18

COMMENT(S)