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Decision nears on Japan bank head Japan bank boss set for approval
(about 7 hours later)
The acting governor of the Bank of Japan, Masaaki Shirakawa, has chaired his first interest rate-setting meeting since assuming the post in March. Japan's main opposition party has said it will approve the government's latest nominee to be Bank of Japan governor.
He was also questioned by both houses of parliament as the government's latest choice to take the top job permanently at the central bank. The opposition-controlled upper house of parliament rejected the government's first two choices, claiming they were not sufficiently independent.
Interest rates are likely to be kept unchanged at 0.5% when the decision is announced on Wednesday. It means Masaaki Shirakawa is almost certain to be formally approved in parliamentary votes on Wednesday.
Mr Shirakawa's nomination is expected to be approved the same day. Mr Shirakawa has been acting governor and will also be presiding over his first interest rate decision.
The government's two previous nominations were rejected by the opposition-controlled upper house of parliament, which claimed they were not independent enough. Interest rates are likely to be kept unchanged at 0.5%.
Mr Shirakawa took over as acting governor when Toshihiko Fukui retired on 19 March and the government nominated him for the post of governor on Monday. The main opposition party has indicated its support for him. Mr Shirakawa took over as acting governor when Toshihiko Fukui retired on 19 March and the government nominated him for the post of governor on Monday.
The government is keen to get its candidate approved so it has a central bank governor to send to the G7 meeting at the weekend. He was questioned by both houses of parliament on Tuesday.
The government has been keen to get its candidate approved in time to send him to the G7 meeting that begins in Washington on Friday.