The Japanese House of Representatives approves two doves nominated by Takashi Sanae to serve as members of the central bank's review committee.

The Japanese House of Representatives on Thursday approved the nominations of two like-minded doves in monetary policy proposed by Prime Minister Naoto Kan to join the Bank of Japan's Policy Board, a move that could impact decisions on the timing and pace of further interest rate hikes. Scholars Akio Arakawa and Aya Sato, who are seen as staunch supporters of economic stimulus policies, have been approved by the House of Representatives to join the nine-member Bank of Japan Policy Board. The nominations still require approval from the House of Councillors to take effect. Arakawa will replace Board member Noguchi Akira, whose term ends on March 31. Sato will replace Board member Nakagawa Yuko, whose term ends at the end of June. Both scholars belong to the "reflation" camp, which has been advocating for the implementation of expansionary fiscal and monetary policies supported by Prime Minister Kan and have ties to former BOJ Deputy Governor Masumi Wakatabe and other dovish officials.