Latest News

Wednesday, 12th March 2008
In General Japan News,

DPJ rejects Bank of Japan's new head

The Japanese government's nomination for the new head and deputy head of the Bank of Japan has been rejected by the opposition.

Democratic Party of Japan (DPJ) refused to support the appointment of Toshiro Muto and Takatoshi Ito respectively, despite Mr Muto pledging the bank would remain independent, according to Japan Times.

Secretary general of the DPJ Yukio Hatoyama told reporters Mr Muto was an unacceptable choice due to his previous position as government finance minister, stating Muto "is a figure who represents the Finance Ministry itself".

Japan's main opposition party currently controls the upper house of the Diet - Japan's national legislature - with both the government coalition-controlled lower House of Representatives and upper House of Councillors required to approve the appointment.

DPJ instead supports the campaign of Professor Masaaki Shirakawa for the position, the newspaper claims.

In the 2007 elections, DPJ won 60 of 121 contested upper house seats to create the first opposition majority in the House of Councillors since its establishment.

Related news stories:
Japanese banks to boost ATM availability for tourists (17th March 2015)
Quake rebuild to cost 25 trillion yen, Bank says (23rd March 2011)