TOKYO – The Japanese government has nominated a former executive at Toyota Motor Corp., one of the biggest beneficiaries of the cheap Japanese yen resulting from drastic monetary easing, to fill a post on the central bank's policymaking board.
If lawmakers approve his appointment, Yukitoshi Funo, 68, a former head of Toyota's U.S. operations, would replace ex-power industry executive Yoshihisa Morimoto when his term expires in June.
Funo reportedly would be the first businessman from a consumer goods company to serve on the Bank of Japan's board.
Prime Minister Shinzo Abe is relying on ultra-easy monetary policy to help end a long spell of deflation and economic stagnation.
Funo would likely back that strategy, given the record profits Toyota has reaped since Abe took office. He is currently an adviser to Toyota.
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