BOJ nominee Shirakawa: Downside econ risks rising

TOKYO, March 11 (Reuters) - Masaaki Shirakawa, a nominee for deputy Bank of Japan governor, said on Tuesday that the domestic economy faced risks from a sharp slowdown in U.S. economic growth, rising oil prices and weak Japanese housing investment.

The central bank also needed to take into account long-term risks as there is a time lag for monetary policy to have an impact on the economy, Shirakawa told a lower house hearing for the candidates for the next BOJ governor and deputy governors.

Current Governor Toshihiko Fukui and his two deputies, Toshiro Muto and Kazumasa Iwata, retire on March 19. (Reporting by Leika Kihara and Yoko Nishikawa)