Lower house approves BoJ boss

Japan’s lower house of parliament yesterday gave its assent to Haruhiko Kuroda, the government’s nominee to succeed Masaaki Shirakawa as Bank of Japan (BoJ) governor. The step is yet another milestone in new Prime Minister Shinzo Abe’s campaign to get the central bank to use all the tools at its disposal to bring inflation up to its newly-doubled two per cent target, ending 20 years of on-and-off deflation. However, Abe will face a tougher challenge today getting Kuroda approved in the upper house, which is controlled by the opposition, the Democratic Party of Japan.