TOKYO: The Japanese government has nominated Toyoaki Nakamura, a 67-year-old former Hitachi Ltd. executive vice president as a new member of the Bank of Japan's Policy Board.

The nomination was presented to the Diet, the country's parliament, on Tuesday

Nakamura, currently a board director at the Japanese electronics and machinery giant, will serve in the BOJ post for five years, succeeding Yukitoshi Funo, 73, whose term as a member of the policymaking board, is set to expire on June 30.

Funo is a former executive of Toyota Motor Corp., and Nakamura's appointment as a BOJ policymaker means that the post will be kept by a person from the industrial sector.

The nine-seat board, tasked with drafting the central bank's monetary policies, comprises the governor, two deputy governors and six other members.

The members other than the governor and deputy governors are usually selected from among economists, financial market participants, and people from the financial and industrial sectors.

JIJI Press