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Japan bank boss set for approval Japanese bank boss wins approval
(about 10 hours later)
Japan's main opposition party has said it will approve the government's latest nominee to be Bank of Japan governor. Japanese parliamentarians have approved Masaaki Shirakawa as governor of the central bank after rejecting the government's first two candidates.
The opposition-controlled upper house of parliament rejected the government's first two choices, claiming they were not sufficiently independent. The opposition-controlled upper house gave the acting governor its support and the government-controlled lower house is expected to do likewise.
It means Masaaki Shirakawa is almost certain to be formally approved in parliamentary votes on Wednesday. The main opposition party had rejected the first two choices on the grounds they were not sufficiently independent.
Mr Shirakawa has been acting governor and will also be presiding over his first interest rate decision. Mr Shirakawa will be presiding over his first interest rate decision.
Interest rates are likely to be kept unchanged at 0.5%.Interest rates are likely to be kept unchanged at 0.5%.
In another move, the upper house rejected the nomination of Hiroshi Watanabe, a former deputy finance minister, as one of the bank's two deputy governors.
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.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.
He was questioned by both houses of parliament on Tuesday.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.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.