As per recent news, Shinzo Abe has announced to nominate the Asian Development Bank President Haruhiko Kuroda as the new Bank of Japan governor. The nomination came after the selection process appeared to intensify this month.

After the nomination, it was said that the move may help in preventing the split in prime minister and the Ministry of Finance, said the reports. The tensions among the two observed relaxation after it was announced that Mr. Kuroda will be nominated as Governor and academic Kikuo Iwata will be one of the two deputy governors.

Other deputy governor may be Hiroshi Nakaso, a senior BOJ official, asserted a government official. After the announcements yen was reported to fall while the Japanese stock rose. At the point, Japanese currency was reported to hit lowest level against dollar in two and a half years.

Richard Jerram, the Chief Economist at Bank of Singapore Ltd., who has analyzed the Japanese economy since the 1980s bubble years, said that Kuroda is a reliable person for the position and one of the strongest contenders.

"Kuroda has a degree of credibility. The end of a toleration of deflation means the nation is at an inflection point, where growth could return to 1 to 2 percent a year", he added.