Japan's upper house approves nomination of new BOJ leadership

Japan's upper house on Friday approved the nomination of Haruhiko Kuroda for

Bank of Japan governor and that of Kikuo Iwata and Hiroshi Nakaso for deputy

chiefs.

The House of Councilors, the upper house, approved the government's

selection of Asian Development Bank President Kuroda, Gakushuin University

professor Iwata and BOJ Executive Director Nakaso, despite that the ruling

coalition lacks a majority in the chamber.

The new leadership will take over next Wednesday after current BOJ

Governor Masaaki Shirakawa resigns on Tuesday, when his two deputies' five-year

terms end.

The ongoing Diet process will only allow Kuroda to serve the remainder

of Shirakawa's term, which goes through April 8 this year.

Kuroda will have to need another Diet confirmation in order to continue

for a five-year term.