JAPAN
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New Chief for Bank of Japan: Yasuo Matsushita, a former top Finance Ministry official, will be the next governor of the Bank of Japan, the ministry announced. Matsushita faces difficult tasks, including helping the banking sector recover from billions in bad loans and keeping Japan’s economic expansion on track as many industries undergo painful restructuring. The central bank exerts influence over Japan’s economy by setting interest rates. The current governor, Yasushi Mieno, set off the collapse of Japan’s “bubble economy” by tightening credit after taking office in 1989.
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