BoJ governor Shirakawa assures resignation was his own decision

After announcing his intention to step down as governor of the Bank of Japan on March 19, almost three weeks before the end of his three-year term, Masaaki Shirakawa gave a press conference during which he assured that he did not make this decision under pressure from the government.

Governor Shirakawa announced his early departure after holding a meeting with Japan’s PM Shinzo Abe. His resignation will allow for the new governor and two deputies to be sworn in at the same time.

Masaaki Shirakawa was often accused of not doing all that necessary to fight the continued appreciation of the yen and the unrelenting deflation. After a shift in the BoJ leadership, PM Abe will probably be able to force through a more aggressive monetary easing, which he had been advocating since he took office as prime minister in December 2012.