The thirty-first governor of the Bank of Japan, Haruhiko Kuroda, held office from March 2013 to April 2023. A career public servant and economist, he directed national monetary policy during a period marked by attempts to end persistent deflation and mitigate global financial volatility through large-scale asset purchases and unconventional interest rate adjustments.
Academic and Early Professional Background
Born in 1944 in Ōmuta, Fukuoka Prefecture, Kuroda completed his secondary education at the Junior & Senior High School at Komaba, University of Tsukuba. He enrolled at the University of Tokyo in 1963, graduating from the Faculty of Law in 1967. Following his entry into the Ministry of Finance, he pursued further studies at All Souls College, University of Oxford, where he earned an MPhil in economics in 1971.
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Kuroda spent decades within the Japanese Ministry of Finance, rising to the position of vice minister for international affairs between 1999 and 2003. He later served as a special advisor to the Cabinet of Prime Minister Koizumi. In 2005, he transitioned to international development, becoming the president of the Asian Development Bank, a role he maintained until 2013.
Monetary Policy at the Bank of Japan
Upon his 2013 appointment as Bank of Japan governor, Kuroda implemented a strategy known as Quantitative and Qualitative Monetary Easing. He aimed to stimulate growth by targeting inflation, frequently intervening in bond markets. In 2016, amidst global market instability and concerns regarding Chinese economic performance, he initiated negative interest rate policies. Throughout his tenure, he maintained a dovish stance, balancing domestic economic targets with international G20 expectations.
Post-Governor Career
Following his retirement from the Bank of Japan in April 2023, he was succeeded by Kazuo Ueda. Kuroda currently holds a position as a professor at the National Graduate Institute for Policy Studies, or GRIPS. His academic contributions include previous teaching roles at Hitotsubashi University, where he instructed students on finance and economic theory.
Fast facts
- Born: 1944, Ōmuta-shi
- Nationality: Japanese
- Governor of the Bank of Japan: 2013–2023
- President of the Asian Development Bank: 2005–2013
- Education: University of Tokyo, University of Oxford
- Awards: Order of Outstanding Merit
Questions readers ask
Did Kuroda focus on currency devaluation?
Kuroda stated that the Bank of Japan’s policy was intended to stabilize prices and grow the economy out of deflation rather than intentionally devaluing the yen.
What is Kuroda's current professional occupation?
He currently serves as a professor at the National Graduate Institute for Policy Studies.
Achievements
- Order of Outstanding Merit
- Affiliated with Hitotsubashi University, Bank of Japan and Asian Development Bank
- Educated at University of Oxford and University of Tokyo
