If approved by parliament, Masu will start his five-year term on July 1, replacing Toyoaki Nakamura, a former Hitachi executive known for his dovish stance on monetary policy. Masu’s appointment maintains the tradition of having a business leader on the nine-member BOJ board, which includes professionals from academia, economics, and government.
Nakamura had opposed the BOJ’s recent interest rate hikes and the end of negative interest rates, citing risks to small and medium-sized businesses. His departure, along with the recent addition of monetary hawk Junko Koeda in March, could shift the board toward a more rate-hike-friendly stance.
The nomination also comes amid global trade tensions, including tariffs imposed by the Trump administration, which have added complexity to the BOJ’s policy decisions. The BOJ has been gradually tightening monetary policy after years of ultra-loose settings, having raised rates to 0.5% in January in pursuit of a stable 2% inflation goal.
