Bank of Japan governor Shirakawa resigns

Bank of Japan (BOJ) governor Masaaki Shirakawa formally resigned Tuesday, making way for his successor, Haruhiko Kuroda, who will take office on Wednesday.Shirakawa told his last press conference at the bank that his five years in office was turbulent five years affected by major events including the Leman shock, European debt crisis, the March 11, 2011 earthquake and tsunami of Japan.Bank of Japan had well played the role of "last lender" and ensured the stability of Japan's financial system during the past five years," said Shirakawa.Shirakawa said he did not regret any thing during his tenure, refuting some critics about his failure to take enough measures in fighting deflation.He said that monetary policy alone will not be enough to pull Japan out of deflation."Powerful monetary easing by the central bank is necessary to overcome deflation," Shirakawa said. "Meanwhile, a wide range of efforts from the government to enhance competitiveness and growth are required."Former Asian Development Bank President Haruhiko Kuroda will take over the top BOJ post on Wednesday along with his two new deputy governors, Gakushuin University Professor Kikuo Iwata and BOJ Executive Director Hiroshi Nakaso.