Japan’s Lower House Clears Kuroda To Head BOJ

TOKYO (AP) – The lower house of Japan’s parliament has endorsed Haruhiko Kuroda, a finance ministry veteran and president of the Asian Development Bank, to become central bank governor.

Kuroda, 68, has vowed to “do whatever it takes” to achieve a 2 percent inflation target and end deflation.

The ruling Liberal Democrats have already won support for Kuroda from the main opposition party, which still controls parliament’s upper house. Lawmakers there are due to approve Kuroda’s appointment on Friday.

Technically, however, Thurday’s vote only allows Kuroda to stand in for current Bank of Japan Gov. Masaaki Shirakawa after he steps down on March 19, three weeks before his five-year term was due to end. Another vote is required to make his appointment permanent.