Sakuya Fujiwara, the Bank of Japan's new senior deputy governor, said he wants to contribute to the central bank from his unique position as a "layman who does not know the theory and practice" of financial issues.
"I am a real layman," Fujiwara said at a Tokyo news conference, apparently in keeping with a Japanese modesty custom. A former chief editorial writer for Jiji Press, Fujiwara, 61, was referring to the reason he was selected by the Cabinet to replace Toshihiko Fukui.
"I covered financial issues until 20 years ago, and the financial world has been changing. I am old enough not to understand (financial instrument) derivatives," he said. But the BOJ should incorporate the views of laymen in its operations, he said. "I am in a position to assist the governor," he said, adding he is in complete agreement with new Gov. Masaru Hayami's view that the central bank's independence needs to be protected from political influence and its transparency should be enhanced.
Securing accountability -- the BOJ's responsibility to explain its actions to the public -- is the best way to gain trust and achieve transparency, Fujiwara said. The BOJ must aim at seeking the level of independence enjoyed by the Bundesbank, the German central bank, and the transparency of the U.S. Federal Reserve Board, he said.
He said he had wanted to remain a journalist until the end of his career, and thought carefully before accepting the offer to become the BOJ's No. 2 man. As a former reporter, he said financial issues should be covered with care and delve into the background of events, rather than just their superficial aspects.
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