The Japanese government's nominee for the next central bank chief vowed on Monday to do his best to achieve a 2-percent inflation target at the earliest to end deflation. "The most important task for the next Bank of Japan (BOJ) governor will be meeting the target as soon as possible. I would do anything to get out of deflation," Asian Development Bank President Haruhiko Kuroda told a confirmation hearing in parliament in the Lower House. "I believe that BOJ's current asset purchases are not enough in terms of the size and scope," Kuroda said, adding that the central bank consider buying large amounts of longer-term government bonds. Prime Minister Shinzo Abe last week nominated the 68-year-old Kuroda as the next BOJ governor, as well as two deputy governors. The appointments of the governor and deputy governors must win approval by both chambers of parliament, which the government and the ruling coalition are seeking to obtain by March 15.
Since assuming office late December, Abe urged the central bank more powerful monetary easing to overcome deflation and boost the world's third-largest economy and double the inflation target to 2 percent. Kuroda, who has headed the Manila-based Asian Development Bank since 2005, is regarded as a supporter of Abe's aggressive monetary easing policies. Current BOJ Governor Masaaki Shirakawa will step down from the post on March 19 along with his two deputies, before his five-year term expires in April.