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Japanese bank boss wins approval Japanese bank boss wins approval
(about 3 hours later)
Japanese parliamentarians have approved Masaaki Shirakawa as governor of the central bank after rejecting the government's first two candidates. Japan's parliament has approved Masaaki Shirakawa as governor of the central bank after rejecting the government's first two candidates.
The opposition-controlled upper house gave the acting governor its support and the government-controlled lower house is expected to do likewise. The opposition-controlled upper house supported the acting governor and the lower house is expected to do likewise.
The main opposition party had rejected the first two choices on the grounds they were not sufficiently independent.The main opposition party had rejected the first two choices on the grounds they were not sufficiently independent.
Mr Shirakawa will be presiding over his first interest rate decision. Mr Shirakawa's first job was to explain Wednesday's decision to keep interest rates unchanged at 0.5%.
Interest rates are likely to be kept unchanged at 0.5%. The Bank of Japan made its latest decision to hold rates before the vote in parliament. Mr Shirakawa chaired the meeting in his capacity as acting governor.
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. Deputy rejected
The battle between the government and the opposition is not over, because the upper house has 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.