Political divide in Diet shouldn't confuse BOJ governor choice
(From The Japan Times Feb. 19 issue)

日銀総裁人事の行方

Bank of Japan Gov. Toshihiko Fukui and the two BOJ deputy governors will retire March 19. The government and the Diet must exercise sound judgment in choosing their replacements given the crucial role they will play in guiding the Japanese economy.

The Bank of Japan Law states that the BOJ governor and deputy governors be appointed by the Cabinet with the consent of the Diet. As the Upper House is effectively controlled by the Democratic Party of Japan, the appointments may not go smoothly.

Deputy Gov. Toshiro Muto is the only candidate to succeed Mr. Fukui. But the DPJ may reject Mr. Muto, a former vice finance minister, because some DPJ members believe that to ensure the independence of the BOJ and minimize the ministry's influence on it, a former Finance Ministry official like Mr. Muto should not head the central bank.

Global financial markets are heading into an uncertain environment. In such a situation, the nation's monetary policy will have a great impact on the domestic and the global economy. The appointment of the BOJ governor should not become the victim of a political tug of war between the ruling and opposition parties. The two sides should instead seek to cooperate to ensure that the candidate with the best ability, experience and sense of duty becomes the next head of the central bank.

日銀の福井総裁と副総裁2人が3月19日に退任する。政府と国会は、後任人事について、日本経済における日銀トップの指導的地位を考え、しっかりした判断をすべきである。

日銀法では、総裁・副総裁は、内閣が任命し、国会が承認することになっているが、参院は民主党と他野党が支配しているので、人事はうまく行かない可能性がある。

武藤副総裁が総裁後任の唯一の候補者だが、民主党の一部は、武藤氏が元財務次官だという理由で人事に反対している。日銀の独立を維持するため、財務省関係者は総裁に就任すべきでないというのがその理由だ。

世界の金融市場は不安定な方向に向かっており、日本の金融政策は国内、世界経済に大きな影響を持つ。

総裁人事は与野党の政争の具にすべきでない。与野党とも、最高の能力、経験と使命感を持つ候補者が次期総裁となるよう協力すべきだ。