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| Japan nominates Haruhiko Kuroda as central bank boss | Japan nominates Haruhiko Kuroda as central bank boss |
| (35 minutes later) | |
| Japan's government has nominated Haruhiko Kuroda to be the next governor of the country's central bank. | Japan's government has nominated Haruhiko Kuroda to be the next governor of the country's central bank. |
| Mr Kuroda is currently the head of the Asian Development Bank and is seen as a supporter of aggressive monetary easing to help revive Japan's economy. | Mr Kuroda is currently the head of the Asian Development Bank and is seen as a supporter of aggressive monetary easing to help revive Japan's economy. |
| The government, which recently won a general election, wants the Bank of Japan to do more to boost growth. | The government, which recently won a general election, wants the Bank of Japan to do more to boost growth. |
| Both the upper and lower houses of Japan's parliament will now need to vote and approve the nomination. | Both the upper and lower houses of Japan's parliament will now need to vote and approve the nomination. |
| Kikuo Iwata and Bank of Japan official Hiroshi Nakaso were also nominated to serve as the central bank's deputy governors. | Kikuo Iwata and Bank of Japan official Hiroshi Nakaso were also nominated to serve as the central bank's deputy governors. |
| Growth boost | |
| Mr Kuroda's nomination comes as Japan's has been struggling to revive its economy which has been contracting for the three straight quarters. | |
| Prime Minister Shinzo Abe has said that the government and the central bank need to take aggressive measures to help spur a fresh wave a economic growth. | |
| During his election campaign Mr Abe had even said that the central bank should print "unlimited yen" to help fight deflation and encourage price growth. | |
| Under pressure from the government, the central bank also doubled its inflation target to 2% last month, a move seen as key by many analysts to help revive domestic demand. | |
| The government's aggressive stance, coupled with the hopes that Mr Abe will nominate a candidate who agrees with his policies as the next central bank boss, has resulted in a sharp decline in the yen. | |
| The Japanese currency has dipped nearly 15% against the US dollar since November last year. | |
| The yen fell further on Thursday, down by nearly 1% against the US dollar, after the government announced Mr Kuroda as its nominee to head the central bank. |