■

Wanted: Bank of Japan governor

Mr Fukuda’s choice appears to have been driven by bureaucratic tradition as much as anything else

the perfect candidate must be a brilliant macroeconomist, a psychologist of the markets, a sure-footed public speaker, an international diplomat and an able chief executive.

One can argue that the lack of a governor does not matter: the Bank of Japan will still function, it is unlikely to change interest rates soon, and many important decisions are made by the Ministry of Finance. But at a time when new crises emerge on a daily basis, when confidence is fragile, and when the outlook for the Japanese economy is weakening, a vacancy at the top sends the wrong message.