Ex-Toyota executive nominated as Bank of Japan board member

TOKYO - Agence France-Presse

This file picture taken on May 25, 2012 shows former Toyota Motor executive vice president Yukitoshi Funo at the company's Tokyo office. AFP Photo

The Japanese government on April 21 nominated Yukitoshi Funo, a senior adviser to Toyota Motor, to join the Bank of Japan’s  policy board.

The 68-year-old is set to replace Yoshihisa Morimoto, whose five-year term on the central bank’s nine-seat board will end on June 30.

Funo served as executive vice president of the world’s biggest automaker and president of Toyota Motor Sales USA before assuming his current post.

His nomination was presented for formal approval to parliament, where the ruling coalition has a majority.
“He has been hailed as a person with detailed knowledge about the economy and finance at home and overseas,” said Chief Cabinet Secretary Yoshihide Suga.

Funo’s stance on monetary policy is not well known. But news reports said he would be expected to side with Bank of Japan governor Haruhiko Kuroda if Kuroda proposes further easing measures later this year.

Earlier this month, the central bank held off further easing measures despite struggling to raise flat lining inflation that is defying a massive stimulus package launched two years ago.

Policymakers shocked markets last October when they expanded the easing program, which pumps cash into the banking system to try to kick start the wider economy and avert deflation, to a rate of about 80 trillion yen ($679 billion) annually.