BOJ Governor Kuroda to Step Down After Historic Term of Service
Quick Summary
Bank of Japan Governor Haruhiko Kuroda is stepping down after a historic 10-year term. During this time, Kuroda has become known for implementing ‘Abenomics’ and its “bazooka” of easy money policies as part of an effort to reignite the Japanese economy’s growth. Through increasing central bank assets and pursuing his two percent inflation target, Kuroda worked to break the nation out of its “lost decades” and succeeded in taking inflation above zero by 2015. As his successor is nominated, Kuroda remains committed to helping the country see through its economic recovery.
Full Story – BOJ’s ‘bazooka’ chief Kuroda stepping down after record tenure
Bank of Japan governor Haruhiko Kuroda is stepping down after a 10-year tenure defined by his signature “bazooka” of easy money policies designed to reboot the country’s moribund economy.
Since he took charge, the central bank’s assets have quadrupled, surpassing GDP in a first for a Group of Seven nation.
As Prime Minister Fumio Kishida nominates a replacement for Kuroda, whose second and final term ends in April, here are five key moments from his time at the helm — the longest ever for a BOJ chief.
‘Abenomics’ architect
In 2013, then-Prime Minister Shinzo Abe tasked Kuroda with getting his “Abenomics” policy off the ground: an attempt to blast Japan’s stagnant economy back to growth after the harmful deflation of the 1990s and 2000s.
Why Kuroda? The former finance ministry official had a strong network in Japan and boasted an international profile after eight years leading the Asian Development Bank.
Perhaps most importantly, he was dedicated to the government’s ambitions to ramp inflation up to two percent through a so-called “bazooka” of asset purchases.
As BOJ chief, Kuroda vowed to do “everything possible” to reverse Japan’s “lost decades”, setting an optimistic timeframe of two years to hit the two-percent target.
Peter Pan
It wasn’t an easy task, however. By 2015, Japan’s economy was again spluttering, with inflation close to zero.
But Kuroda remained confident, citing the story of Peter Pan and its message that “the moment you…
