Bank of Japan
Asian Development Bank's chief Haruhiko Kuroda may soon be appointed as Bank of Japan's (BoJ's) next governor, sources said
Citing anonymous sources, Reuters reported that Japan's Prime Minister Shinzo Abe was preparing to nominate Kuroda for the central bank's top position.
Sixty-eight-year-old Kuroda, a financial sector expert with a masters' degree from Oxford University, has been serving Asian Development Bank's as president since the year 2005. Previously, he served as the country's top currency diplomat following Asia's financial crisis in the late 1990s.
The financial condition of Japan is getting strained as the European market is going down causing a rise and fall of yen in share prices, and the central bank should pay heed to this risk said some bank of Japan board members. At the meeting the Central Bank sketched out a new loan scheme for helping out growth industries which can boost the country’s economic growth.
The BOJ had decided in a meeting to lend up to 3trillion yen to commercial banks in the new loan scheme under which the loan will be for one year at 0.1%rate of interest.
Japan’s central bank, The Bank of Japan has proposed to give $33 billion in loans to companies to improve the economice condition in the region.
The bank is willing to accept requests for loans up to March 2012. The board of directors at the bank has decided to keep their interest rates the same at 0.1%.
The newly appointed Prime Minister of Japan Naoto Kan will pressurize Governor Masaaki Shirakawa to take further steps to improve the economic crisis. The PM will expect the Bank of Japan to take steps further than the decided plans to reduce the debt the Japan economy faces.
Japan's central bank, enduring soaring political pressure not to reduce stimulus measures too early, kept its benchmark interest rate near zero and committed to combat deflation as gains in the yen risk stunting the nation's economic recovery.
Japanese central bank, Bank of Japan (BoJ) has announced that it has invested US$ 9.69 billion (about 1 trillion yen) into the money market to ease disruptions along with the international financial turmoil.
According to the sources, BoJ conducted the emergency measure for the 15th consecutive business day since the US investment bank Lehman Brothers Holdings filed for bankruptcy on September 15.
The bank`s move came after the Tokyo market plummeted to a five-fiscal low.