Japan Appoints Tamaki as Top Currency Diplomat

International policy veteran Rintaro Tamaki will become Japan's top currency diplomat in a regular personnel reshuffle at the Finance Ministry, a move that is not expected to lead to major changes in policy.

Japan will also appoint Katsunori Mikuniya as the head of the nation's financial watchdog, the Financial Services Agency, replacing Takafumi Sato.

Tamaki, who replaces Naoyuki Shinohara, currently heads the Ministry of Finance's international bureau -- a post usually held before assuming the position of currency tsar.

Japan has not intervened heavily in foreign exchange markets since 2003 and 2004 when it sold a total of 35 trillion yen to stem a sharp appreciation in the yen that was threatening a nascent recovery in the domestic economy.

Its lack of intervention has come despite the yen's rise to a 13-year high near 87 yen per dollar in January, and many analysts do not expect intervention as long as the yen stays near current levels around 95 yen per dollar.

Tamaki will assume his new post of Vice Finance Minister for International Affairs on July 14, Finance Minister Kaoru Yosano told a news conference.

Yasutake Tango, currently the head of the ministry's budget bureau, was appointed as the ministry's other vice finance minister, mostly in charge of domestic affairs.

Tango, who has worked as a secretary for former Prime Minister Junichiro Koizumi, replaces Kazuyuki Sugimoto.

Japan's Finance Ministry and the Financial Services Agency normally reshuffle personnel around July every year. 

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