┐(゜Д゜)┌英字新聞

A failure to fulfill duty to global economy
After weeks of political cat and mouse, the post of Bank of Japan chief looks set to be left vacant for a while. Political parties should share the blame for their woeful crisis management as they failed to prevent this worst-case scenario from coming about.
The government Tuesday submitted to the Diet its new appointment plans for the successor for current central bank Gov. Toshihiko Fukui, whose term is to end Wednesday, and one of his two deputies.
The government nominated Koji Tanami, governor of the Japan Bank for International Cooperation, as Fukui's successor, and Kiyohiko Nishimura, a member of the central bank's Policy Board, as a deputy governor.
However, the opposition Democratic Party of Japan, the largest party in the House of Councillors, decided to oppose the nomination of Tanami because he previously served as administrative vice finance minister, among other reasons. The DPJ claims Tanami would not be able to ensure the separation of fiscal and monetary policy. His nomination is expected to be voted down at the plenary session of the upper house Wednesday.
Nishimura's appointment is expected to get the green light from all parties. As a result, the posts of the two deputy governors will be finalized as both chambers of the Diet already gave the thumbs-up to the appointment of Kyoto University Prof. Masaaki Shirakawa as the other deputy governor.
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DPJ prime cause of mess
Worryingly, the governor's post will almost certainly be left vacant. According to the Bank of Japan Law, incoming Deputy Gov. Shirakawa is expected to fill the governor's slot as an acting governor.
The ripple effect of the U.S. subprime loan problem has expanded, and the dollar's depreciation has accelerated recently, sending global financial markets into a funk. If Japan, the world's second-largest economy, cannot find someone to fill the central bank governor's post, any excuse Japan throws up will probably be given short shrift if other nations judge Japan has abandoned its responsibility to help stabilize the global economy.
The DPJ's irresponsible attitude is the underlying cause of this mess. The party opposed the initial government plan of promoting central bank Deputy Gov. Toshiro Muto to succeed Fukui, saying his stint as administrative vice minister would run counter to the principle of keeping fiscal and financial policy separate.
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Lack of communication
Focusing on Muto's job background, while ignoring his qualifications and expertise in both fiscal and financial policies as a policymaker, defies all logic.
However, the DPJ felt obliged to oppose Tanami's nomination, saying that he basically had followed the same career path as Muto.
As such, DPJ leaders said Tanami was not an expert in international banking. The government hoped the DPJ would accept the plan because Tanami has a proven track record that includes reforming the Finance Ministry.
The DPJ doggedly stuck to its unreasonable position and cut off any chance for compromise with the government and ruling parties.
This is not the attitude befitting a responsible political party.
Prime Minister Yasuo Fukuda said he could not understand the thinking of the DPJ on this issue. Indeed, the lack of communication between the government and ruling parties and the DPJ only made the chaotic situation even worse.
If the post of the Bank of Japan governor becomes vacant, other countries will perceive Japanese politicians as being incapable of making important decisions. The government, as well as the ruling and opposition blocs, should not let this problem fester any longer.