BOJ's Momma to head its monetary policy division

TOKYO: The Bank of Japan on Monday named its top economist Kazuo Momma to head its monetary affairs department in charge of formulating monetary policy.

Momma, who has spent his whole career at the central bank, will head the powerful division from May 2 as part of a regular personnel reshuffle, replacing Shigeki Kushida, who will head its Nagoya branch.

The move is likely to mean Momma, who had been relatively optimistic about prospects for the Japanese economy in several speeches prior to the March 11 earthquake and tsunami, will speak less in public.

Eiji Maeda, director-general, senior secretary to Governor Masaaki Shirakawa, will succeed Momma as the central bank's chief economist.