◇New BOJ chief promises to battle deflation

Kuroda Haruhiko, a Finance Ministry veteran and former president of the Asian Development Bank (ADB), took office as Bank of Japan governor on March 20.

Kuroda's support is crucial to Prime Minister Abe Shinzo's efforts to revive the economy through a combination of monetary easing, robust government spending and longer‐term reforms.

Kuroda, an Oxford‐educated economist who proved an effective fundraiser at the ADB, told reporters on March 21 that he had reiterated his pledge to "do everything we can to get the economy out of deflation."

In a news conference, Kuroda was optimistic about achieving a 2 percent inflation target but downplayed concerns that easing monetary policy might lead to asset price bubbles or other destabilizing trends, such as rising yields on government bonds that could strain public finances.

Kuroda succeeded Shirakawa Masaaki who had shown reluctance to add to Japan's massive public debt through more aggressive monetary easing. He stepped down three weeks before his five‐year term was to end. (AP)

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