18 March 2008, 11:54  Bank of Japan chief nominee promises to protect autonomy

The government's choice to be the next Bank of Japan chief said Tuesday he would strive to protect the central bank's independence if the opposition drops its resistance to his nomination. His pledge came amid continued deadlock between the two main political parties over who will take the helm of the BoJ amid a global credit crisis and just a day before the post is due to fall vacant. "If I were offered an opportunity to assume the important post of BoJ governor, I would do my utmost to have an appropriate monetary policy while securing independence and transparency," Koji Tanami told a parliamentary hearing. The ruling coalition had to come up with a new name after the opposition, which controls one house of parliament, voted down its first choice -- Toshiro Muto, currently deputy governor -- saying he was too close to the government due to his past positions in the finance ministry. Earlier Tuesday, the government nominated the former top finance ministry official, who is now head of Japan's main foreign aid agency, in the hope that he would be approved by parliament on Wednesday, lawmakers said.

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