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The Japanese government is likely to give up on promoting Bank of Japan Deputy Governor Toshiro Muto to the BoJ's top job and to seek an alternative candidate with central banking experience, political sources said on Friday.
Muto, the government's nominee to replace BoJ Governor Toshihiko Fukui who is due to retire on Wednesday, was vetoed this week by opposition parties, raising the spectre of a policy vacuum at the central bank.
Ruling and opposition parties agreed on Thursday to seek a breakthrough in the stalemate over a successor to Fukui, but the government has so far refrained from clarifying whether it would climb down and offer a new slate of candidates.
The government is expected to submit nominees for governor and deputy governor on Monday so parliament can vote on nominees by Wednesday, when Fukui and two deputy governors retire. "The candidate is highly likely to be somebody with a central bank background," a political source also said.

Copyright Reuters, 2008

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