More Videos:

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Japan to Tap Kuroda to Head Central Bank: Reports

NEW YORK (TheStreet) -- Japan's prime minister is expected to nominate Asian Development Bank President Haruhiko Kuroda to take the reins at the nation's central bank, according to published media reports.

Citing anonymous sources, Reuters and The Wall Street Journal reported Sunday that the government planned to appoint Kuroda, a proponent of an expansionary monetary policy, to be chief of the Bank of Japan.

The selection of Kuroda, who oversaw the finance ministry's currency policy in the early 2000s, would fulfill Prime Minister Shinzo Abe's December pledge to appoint a central banker who would dramatically increase the nation's money supply, the Journal reported.

Such a move would increase the number of yen in circulation and drive down its value, making Japanese exports more attractive in world markets.

Abe's chief spokesman declined to comment, the Journal reported. Kuroda also declined to comment, the newspaper reported.