Japanese Prime Minister Fumio Kishida said the new central bank governor must have strong communication skills and be able to closely coordinate with global peers, offering his most explicit comment to date on his preference for the top job.
Speaking in parliament, Kishida said on Wednesday he was still in the process of selecting the successor to incumbent BOJ Governor Haruhiko Kuroda, whose term ends in April, noting "the impact the decision would have on financial markets."
While Kishida did not name any potential candidates for the job, some central bank watchers say his comments suggest he has not ruled out Hiroshi Nakaso, a former BOJ deputy governor with international experience, previously thought to have pulled out of the race.
"Since the Lehman crisis, close coordination among major central bank leaders, as well as the ability to receive and deliver high-quality communication to and from domestic and overseas markets, have become extremely important," Kishida said.
"I'd like to select (the next BOJ governor) taking these factors into account," Kishida said, when asked by an opposition lawmaker what the qualifications Kuroda's successor must have.
Markets are closely watching the appointment of the new BOJ governor for clues on how quickly the central bank could phase out its massive stimulus.
Up till now, Kishida had stayed mum on key qualifications for the BOJ leadership position, saying only he would choose the person best suited for the role.
His remarks came in the wake of a report by Nikkei newspaper on Monday that the government has sounded out BOJ Deputy Governor Masayoshi Amamiya to succeed Kuroda.
A career central banker who has drafted many of the BOJ's monetary easing tools, Amamiya is seen by markets as a top contender. However, his experience is focused on domestic monetary policy matters, rather than international affairs.
"It sounded as if Kishida had someone else in mind besides Amamiya, though he's probably still a strong candidate," said Izuru Kato, chief economist at Totan Research.
Among other key contenders, Nakaso has long experience overseeing the BOJ's market operations and international affairs.
"Nakaso fits perfectly with what Kishida laid out as key qualifications, such as his fluent English and strong contacts with overseas central bankers," said Nobuyasu Atago, a former BOJ official who is now chief economist at Ichiyoshi Securities.
As head of the BOJ's financial markets department, Nakaso worked with overseas counterparts in managing the global financial crisis after the collapse of Lehman Brothers in 2008.
Nakaso said last week he has taken up a post heading an Asia-Pacific Economic Cooperation (APEC) advisory council, a comment that led some market players to bet he had dropped out from the central bank leadership race.
The government is considering presenting to parliament its nominees for next BOJ governor and two deputy governors next week, sources told Reuters.
The government's nomination needs the approval of both houses of parliament, making it effectively a done deal since the ruling coalition holds solid majorities in both chambers.
Kuroda's second, five-year term ends on April 8. His two deputies, Amamiya and Masazumi Wakatabe, will see their terms end on March 19. (Reuters)
New Zealand authorities said on Wednesday they had recovered 3.2 tonnes of cocaine worth more than $300 million, believed to be bound for Australia and found floating at sea.
New Zealand Police said it a statement it had collected the drugs from the Pacific Ocean in a joint operation with the New Zealand Customs Service and the New Zealand Defence Force.
A police photo showed the haul, apparently before recovery, in a net supported on the ocean surface by floats.
No arrests have yet been made.
"This is one of the single biggest seizures of illegal drugs by authorities in this country," Police Commissioner Andrew Coster said in a statement.
"While this disrupts the syndicate's operations, we remain vigilant given the lengths we know these groups will go to circumvent coming to law enforcement's attention."
The seizure has a value of NZ$500 million ($320 million), according to New Zealand Customs Service Acting Controller Bill Perry. (Reuters)
There is "no arrangement" for a meeting with Chinese President Xi Jinping, the deputy chairman of Taiwan's main opposition party the Kuomintang (KMT) said on Wednesday before leaving for Beijing, but added he would follow whatever his hosts set up.
Andrew Hsia, a former senior Taiwanese diplomat and one-time head of its China-policy-making Mainland Affairs Council, is going to Beijing at a time of heightened tension, as China steps up military pressure to assert its sovereignty claims over Taiwan.
Speaking at Taiwan's main international airport in Taoyuan, Hsia told reporters that he would be meeting Song Tao, the newly appointed head of China's Taiwan Affairs Office.
"As for Xi Jinping, there is no such arrangement," he said. "In the document submitted to the Mainland Affairs Council (I said I would) meet Taiwan Affairs Office Director Song Tao. As for other people, our attitude has always been that as guests we are at our hosts' disposal, and if they make arrangements, we will not exclude them."
Taiwan's ruling Democratic Progressive Party (DPP) has seized on the trip to attack the KMT for being too close to Beijing and wanting to sell out Taiwan, and has criticised Hsia for going to "pay court to the communists".
The KMT traditionally favours close ties with China, but strongly denies being pro-Beijing.
Hsia said he was going because it was important to talk to China and he was "not going to do anything political".
"We will follow our own pace, and only the interests of the Republic of China, of Taiwan, are in our minds," he added, using Taiwan's formal name.
Hsia last visited China in August shortly after Beijing staged war games near Taiwan to express its anger at a visit to Taipei by then-U.S. House Speaker Nancy Pelosi, prompting a storm of criticism from Taiwan's government and even his own party for the timing of the trip.
China has not spoken with Taiwan President Tsai Ing-wen's administration since she took office in 2016, believing she is a separatist, and has rebuffed frequent calls from Tsai for dialogue to resume. (Reuters)
South Korean lawmakers voted on Wednesday to impeach the interior minister over his responses to a deadly Halloween crush, setting the stage for him to become the first cabinet member ousted by the legislature.
As many as 159 people were killed and 196 injured in the Oct. 29 incident, when revellers flooded narrow alleyways in the popular nightlife district of Itaewon to enjoy the first coronavirus mask-free Halloween festivities in three years.
South Korean lawmakers voted on Wednesday to impeach the interior minister over his responses to a deadly Halloween crush, setting the stage for him to become the first cabinet member ousted by the legislature.
As many as 159 people were killed and 196 injured in the Oct. 29 incident, when revellers flooded narrow alleyways in the popular nightlife district of Itaewon to enjoy the first coronavirus mask-free Halloween festivities in three years.
The Democrats and other opposition parties had pushed for expulsion of the interior minister, Lee Sang-min, urging him to take responsibility for botched responses to the crush.
"I will fully cooperate with the constitutional court's impeachment trial so that the Ministry of Interior and Safety can be normalised at an early date," the minister said in a statement.
Lee and the police have faced criticism over their handling of the tragedy, especially after publicly released transcripts of emergency calls showed that many citizens warned of impending danger and called for help hours before the stampede.
The minister has apologised for the flawed responses but when asked on Monday if he was willing to resign, responded that his priority was to devise and implement steps to prevent recurrence of such a tragedy.
President Yoon Suk-yeol had rejected the opposition's demand that he sack Lee, and his office and ruling party denounced the Democrats for abusing their majority power to press ahead with the impeachment.
"It is the renunciation of parliamentary democracy," Yoon's office said in a statement after the motion passed. "It will be recorded as a shameful history in parliamentary politics."
A presidential official said there was no evidence that the minister had severely violated the constitution or any law.
Tension flared this week between the Seoul government and families of the crush victims after they set up an unauthorised memorial in front of city hall. On Tuesday, city officials said the memorial violated rules and ordered its removal in a week.
In 2017, President Park Geun-hye became South Korea's first elected leader to be expelled from office when the Constitutional Court upheld her impeachment. The court dismissed an impeachment motion in 2004 for President Roh Moo-hyun. (Reuters)