The Japanese government is set to unveil its new nominee for the post of Bank of Japan governor today.
With just a single day left before the incumbent governor, Toshihiko Fukui, retires and Monday seeing worldwide stock market turmoil the necessity of picking a successor continues to grow in importance.
Deputy governor Toshiro Muto was the government’s first choice replacement, but his former employment at the Ministry of Finance caused the opposition, who control the upper house, to veto his appointment.
Should the new prospective governor be rejected by the opposition then Massaki Shirakawa, a deputy governor, may be called in to serve as governor on a temporary basis.
The identity of the new nominee has yet to be revealed, and it is uncertain whether the opposition will attempt to block his appointment.