By Yoshifumi Takemoto
TOKYO (Reuters) – Japan’s government is set to submit a nominee to parliament on Thursday to fill a seat on the central bank’s board that opens up at the end of June, three government and ruling party sources told Reuters on Tuesday.
The nominee, who would need to be approved by both houses of parliament, would replace Bank of Japan board member Toyoaki Nakamura, whose five-year term ends on June 30.
The sources declined to be identified as the matter is still private.
Nakamura, a former executive of electronics giant Hitachi, joined the board in July 2020.
While Nakamura agrees on the need to push up ultra-low interest rates, he is known as being cautious of doing so too soon due to concerns about potential damage that could be inflicted on small and mid-sized firms.
(Reporting by Yoshifumi Takemoto; Writing by Makiko Yamazaki; Editing by Kim Coghill)
