Tuesday, January 28, 2020 - 00:25

MNI POLICY: Japan Govt Nominates Economist Adachi to BOJ Board

TOKYO (MNI) - Japan's government on Tuesday nominated Seiji Adachi, 54, chief economist at Marusan Securities, as a successor to BOJ board member Yutaka Harada, Diet officials confirmed to MNI.

A series of nominations to a key parliamentary committee for candidates to replace officials in major positions expiring by April included that for the replacement BOJ board position, the official said.

Pending parliamentary approval, Adachi will replace Harada, whose five-year term on the nine-member BOJ board ends Mar. 25. The ruling coalition has a majority in both chambers of the Diet, so confirmation should be a formality.

Adachi previously worked at Deutsche Bank, Credit Swiss First Boston Securities and Daiwa Institute of Research before joining Marusan Securities.

Adachi has emphasized the need of overcoming the strong yen and years of deflation to revive Japan's economy.

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