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BOJ's Fukui: new governor needs market expertise

Thu Jan 10, 2008 9:41pm EST

TOKYO, Jan 11 (Reuters) - Bank of Japan Governor Toshihiko Fukui said on Friday that expertise on financial markets, an ability to stabilise currencies and conduct smooth communication with market participants should be key criteria for his successor.

Fukui's five-year term ends on March 19 but the selection of his successor has been complicated by the opposition's control of parliament's upper house.

The appointment of a new BOJ governor needs to be approved by the both chambers and can be blocked by the opposition.

"I firmly believe the government and parliament will select the most suitable person" to take over, Fukui told a lower house financial committee.

Asked about qualities required for a central bank governor, Fukui said his successor should have firm beliefs in the stability of the currency and the ability to realise it.

Fukui also said he wants his successor to have sufficient insight into the global economy and financial markets, an ability to communicate with the markets and to steer the BOJ policy board sufficiently. (Reporting by Tetsushi Kajimoto, Editing by Michael Watson)



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