What thoughts were going through Bank of Japan Gov. Toshihiko Fukui's mind on the last day of the BOJ Policy Board meeting Friday — the final one before his term ends March 19 — is anyone's guess.

But it must have been an emotional day for Fukui as it coincided with the government's nomination of BOJ Deputy Gov. Toshiro Muto as his successor.

The proposal was submitted to the Diet after weeks of tug-of-war between the ruling coalition and the opposition camp, led by the Democratic Party of Japan, whose support holds the key to Muto's Diet approval.