Japan’s Ministry of Finance Is Said to Prepare Personnel Changes
(Bloomberg) -- Japan’s Ministry of Finance is expected to announce a series of scheduled personnel changes in coming days, according to people familiar with the matter.
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The changes, which may be announced as early as Friday, will take effect in July and they will likely include a few senior positions, the people said. They declined to be identified because the information isn’t public.
Any moves that take place are part of a normal personnel rotation and won’t affect the country’s broad fiscal or currency policies. The ministry tends to announce personnel changes around this time of the year after the parliament goes into recess.
A ministry spokesman said he couldn’t comment immediately on personnel matters.
The potential reshuffle comes as the yen has tumbled to the weakest level since 1986, fanning speculation authorities may soon be forced to support the currency again. Japan’s top currency official, Masato Kanda, has been in his role as vice finance minister for three years, a longer term than is customary.
It’s unclear whether Kanda’s position will be among those covered in the announcement, as he may be asked to represent Japan at a meeting in Brazil next month of finance authorities from the Group of 20 nations. Potential candidates to replace him would include Atsushi Mimura, who is director general of the ministry’s international bureau, a role that generally leads to vice finance minister.
The yen weakened to 160.87 per dollar earlier this week, blowing past where officials intervened in the market in late April, and taking losses versus the dollar this year to more than 12%.
Japan’s Minister of Finance Shunichi Suzuki told reporters Thursday morning that sudden, one-sided currency moves are not desirable.
“We are strongly concerned about the impact on the economy,” Suzuki said. “We will analyze the background to this move with a high sense of urgency, and take necessary action as needed.”
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