Prime Minister Shinzo Abe is making final arrangements to reappoint Bank of Japan Gov. Haruhiko Kuroda, whose term expires on April 8, sources close to the government said.
The bold monetary easing measures implemented by Kuroda, 73, have underpinned the Abenomics economic policy package carried out by the current administration.
According to the sources, Abe determined that Kuroda's skills are still needed to bring about an end to deflation, a top goal of the Abe Cabinet.
Along with Kuroda's reappointment, the government will soon submit personnel proposals to the Diet for the bank's two deputy governors whose terms end on March 19, the sources added.
The Bank of Japan governor's term is five years. Kuroda's tenure will be extended until April 8, 2023, should both chambers of the Diet approve the personnel proposals.
Currently in his second term, Kuroda was appointed the 31st Bank of Japan governor in March 2013 to complete his predecessor's term of office. Should Kuroda win a third term, he could surpass the record for longest tenure in the role, which currently stands at eight years and six months, set by 18th Gov. Hisato Ichimada.
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