Haruhiko Kuroda, which was recently 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.

It was widely expected that the government will nominate Mr. Kuroda because his views of turning around the economy is in line with the stand taken by Prime Minster Shinzo Abe. 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. Mr. Kuroda is presently working as the head of the Asian Development Bank.

Mr. Kuroda had earlier said that the Bank of Japan has not taken enough measures to boost the struggling Japanese economy. Bank of Japan (BOJ) is facing pressure from the new government of Prime Minister Shinzo Abe to show to the market players that it is willing to take bold steps to ease monetary situation in the country.