With less than three months until Haruhiko Kuroda steps down as governor of the Bank of Japan, none of the top candidates to replace the country’s longest-serving central bank chief seem to want the job.
Their reluctance is understandable. After a decade of “unprecedented” ultra-loose monetary policy, the next BoJ chief must take on the daunting challenge of steering Asia’s most advanced economy towards interest rate normalisation.
If they fail, the consequences could be profound: a return to deflation and sharp economic slowdown; turmoil in the global equities, bonds and currency markets; and a collapse in the Bank of Japan’s credibility.
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