By Tatsuo Ito
After leaving his job as governor of the Bank of Japan in March, Masaaki Shirakawa indicated he wanted to take it easy for a while and pursue his hobby, birdwatching.
It s been nearly a month and half, but he may have more time for that yet.
On Wednesday, the BOJ released its re-employment list of senior officials who left the central bank in the fiscal year that ended March 31. The column next to the names of most other central bankers who left was filled with the names of Japan s flagship corporations, top universities and public-sector entities. But the space next to Mr. Shirakawa s name was blank.
In case you are worried about what the 63-year-old career central banker is going to do with the rest of his life, those familiar with his situation say his lack of a new job is no cause for concern.
Rather, his prospects are more promising than were those of many of his predecessors, they say.
One of the youngest governors to leave the BOJ since World War II, Mr. Shirakawa is versed in economic and monetary theory and fluent in English. He could easily find a teaching post at a university, says Takahiro Sekido, a Japan strategist at Bank of Tokyo-Mitsubishi UFJ and himself a former BOJ official. Mr. Shirakawa even has past teaching experience at Kyoto University, from July 2006 to March 2008.
But would becoming a university professor be the right thing for Mr. Shirakawa, and for the country?
With rare experience as a central bank governor, I hope Mr. Shirakawa takes some senior post at an international organization, like the Bank for the International Settlements or the International Monetary Fund, Mr. Sekido said.
While Japanese used to dominate some of the key posts at such institutions, now many go to other Asian countries, he noted.
Yet Mr. Shirakawa himself hasn t indicated any hurry to find a new job. After stepping down on March 19, he told one confidante he wanted to take about six months to think about what to do next, according to the person.
Since then, he has made a number of visits to the central bank s headquarters in Nihonbashi, central Tokyo. He has also made courtesy calls on some of those he interacted with as governor, including lawmakers who grilled him in parliamentary hearings.
Certainly Mr. Shirakawa deserves a break. He underwent one of the toughest periods in the central bank s 131-year history. He confronted various challenges, from the global financial crisis that began in 2008 to the devastating earthquake and tsunami of 2011, as well as intense political pressure that threatened the central bank s independence.
Reflecting on his tenure at his final news conference in March, Mr. Shirakawa said: It was a turbulent five years and unprecedented events took place once after another.
Most BOJ watchers say the chances of Mr. Shirakawa returning to the governor s post in future are slim. But he could have an influence on central bank policy if history vindicates his gradualist, go-slow easing approach, as opposed to the radical style of his successor, current Gov. Haruhiko Kuroda.
Asked at his final news conference if he would ever step up to the plate again, Mr. Shirakawa said, I don t think so. There are many things worth trying in life.
Chief among them was birdwatching, he said.
So rather than feathering his nest in a cushy, post-BOJ appointment, he will be watching his beloved birds feather theirs, at least for a while.Related articles:
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