Next BoJ gobernor should defend bank's independence, DPJ says (Barcelona) - Amid talk that Japan's Prime Minister intends to revise the law, so that the government can play a greater role on economic monetary polices, an executive of the largest opposition party, said yesterday that the next governor at the Bank of Japan must be someone who can defend its independence, Bloomberg reports.

The comments are nothing new, yet remind the market that Prime Minister Shinzo Abe will have to face fierce opposition in his candidate for the post through the Diet. “The BOJ’s independence must be guaranteed,” Mitsuru Sakurai, policy chief for the Democratic Party of Japan, said in an interview yesterday, cited by Bloomberg. “We need someone who can do that.”

Abe's perfect nominee for the post should have as top on its priorities the implementation of 'bold' unorthodox monetary policie to ensure that Japan can beat deflation after more than 2 decades suffering depressed prices. However, since Abe's Liberal Democratic Party doesn't enjoy a majority on the Diet' upper house, he badly needs to reach a compromise with the opposition.

Potential candidates listed by Bloomberg include "former economy minister Heizo Takenaka, Asian Development Bank President Haruhiko Kuroda and former deputy BOJ governor Kazumasa Iwata" the