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TOKYO (MNI) - Seiji Adachi, a private economist with a reputation as a
reflationist, is set to become a Bank of Japan board member on March 26 after
the government's nomination was approved by Japan's Diet.
Japan's Upper House plenary session on Friday approved Adachi as the
successor to BOJ board member Yutaka Harada, whose term ends on March 25.
On Thursday, Japan's Lower House plenary session approved the government's
The appointment of Adachi, who is known as an advocate of aggressive
monetary easing, was first announced by Prime Minister Shinzo Abe's Government
on Jan. 28.
Adachi, 54, will be formally appointed as the new BOJ board member on March
26 and he is expected to hold an inauguration news conference on the same day.
Adachi is the head of economic research at Marusan Securities, and
previously worked at an economist at Deutsche Securities and Credit Suisse.
The BOJ, led by the governor Haruhiko Kuroda, continues to make efforts to
achieve the 2% price target, but the Japanese economy is far away from achieving
this, with the core inflation rate still below 1.0%.
Kuroda has vowed to balance the benefits and costs of the BOJ's policy
Some of the nine board members have voiced concern over the side-effects of
a prolonged easing policy based on negative rates.
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