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It’s official: Tanami rejected by Upper House as Bank of Japan Governor

March 19, 2008
By Ken Worsley


As was expected, the opposition controlled Upper House has voted to reject Koji Tanami as Japan’s next BOJ Governor. For the first time since the end of the Second World War, Japan will be without a central banker when Toshihiko Fukui steps down in a few short hours.

Current BOJ Policy Board member Kiyohiko Nishimura, however, has been approved as a Deputy Governor, having received votes from all parties in the Upper House except for the Communist Party. Mr Fukui will thus be in position to choose who will be the acting Governor from tomorrow, and he is expected to go with Masaaki Shirakawa, a former Executive Director of the Bank of Japan who was approved as Deputy Governor last week.

Filed Under Bank of Japan, Finance, Politics 

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Comments

5 Responses to “It’s official: Tanami rejected by Upper House as Bank of Japan Governor”

  1. Kraig on March 19th, 2008 1:27 pm

    Who are they down to? This is making the politicians look bad, but in a way different to what they probably think.

  2. Steven Towns on March 20th, 2008 3:52 am

    Good continuing coverage of the BoJ developments (or lack of development), Ken!

    Here’s a funny piece by FT Alphaville, which I didn’t have time to put up earlier.

    Excerpt:

    FT Alphaville has its own conspiracy theories about what’s behind these extraordinary developments but for now, we’ll leave you with the transcript of a recent telephone conversation, discovered in a briefcase left at a Ginza sushi bar (well, maybe…).

    Bernanke’s office (BO): Hello, hello - is that the Bank of Japan? Can you put me through to the governor’s office?

    BoJ staff (BoJ): [indecipherable] Ah, sorry, [sound of air being sucked through teeth], ah, that might be a little bit difficult. Very, very sorry…

    BO: Could you put me through to the GOVERNOR’S office please, the GOVERNOR - Fukui, or is it Muto? Tanami? Who the hell is it now? Anybody?

    BoJ: Very sorry, ah, err, nobody.. there is nobody.

    BO: Can I speak to someone - anyone - who can help us co-ordinate some central bank action? We have a crisis on our hands…

    BoJ: Yes, yes, crisis - that’s it. We have one too. Big crisis. Very sorry …

    BO: Yes but WHO is running monetary policy? Can I speak to them?

    BoJ: Monetary policy? Ah, monetary policy - I think he is out too. Nobody here.

    BO: Do you realise who this is? We’re calling from Washington, I have the governor of the US Federal Reserve waiting here - this is important. We HAVE to speak to someone…

    BoJ: Ah, a governor! Fed governor, very good. Does he want a job? There is a nice one available here - not too much work, doesn’t have to worry too much about interest rates - ministry of finance takes care of that, though he can pretend he does. Ah, and sushi very tasty too… Hello? Hello? Is he interested?
    (http://ftalphaville.ft.com/blog/2008/03/19/11709/act-iii-of-boj-kabuki-moshi-moshi-is-anybody-there/)

  3. ZMD on March 20th, 2008 11:52 am

    not too much work, doesn’t have to worry too much about interest rates - ministry of finance takes care of that, though he can pretend he does.

    Perfect. So true. No wonder the stocks finally went up the day they realized no one would be in the job.

  4. Ken Worsley on March 20th, 2008 8:41 pm

    Steven, good one. I think it raises the question as to how often the Fed might actually call the BOJ. Perhaps the two could simply merge into one giant unelected, unaccountable, unsupervised United Central Bank.

  5. seth on March 20th, 2008 10:59 pm

    Kraig, there have to be plenty of OBs left…

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