The lower house of the parliament in Japan has approved the appointment of Haruhiko Kuroda as the next governor of the Bank of Japan on Thursday.

The approval is the first step towards the appointment of the new governor, who is likely to take steps to aggressively ease the monetary policy in the country to boost het economic growth in the Japanese economy. The lower house has also approved the appointment of Kikuo Iwata and Hiroshi Nakaso for the BOJ's two deputy governors.

Kuroda, who was earlier nominated by the government of Japan for heading the country’s central bank, has said that he would take steps to address the deflation in the country if he has appointed as the Governor of the Bank of Japan (BOJ). Mr. Kuroda is presently working as the head of the Asian Development Bank. Mr. Kuroda is known for his backing for a more aggressive stimulus for the struggling Japanese economy.

He said that open-ended asset purchases could begin in the country much sooner than the next year, as expected. He said in a confirmation hearing in the parliament in Tokyo today that the BoF has not purchased assets yet and should move to acquire assets to boost the Japanese economy. His views are mostly in line with that of Mr. Abe, who has been suggesting more aggressive monetary easing, higher stimulus spending and faster economic reforms.