Japanese officials, with Mr. Sakakibara at the forefront, have been attempting to keep the yen low to sustain exports and preserve the nascent rebound. During his tenure Mr. Sakakibara often faced criticism for his vocal assessments of the economic landscape. He also was reprimanded for his role in a wide-ranging scandal involving more than 100 Finance Ministry officials who had improperly accepted meals and entertainment from the financial institutions they supervised. And his predictions on the Japanese economy were at times motivated more by boosterism than reality. Nothing could be done without second guessing what Sakakibara was going to say.
Most analysts expect any changes to be more of style than substance.
My impression is that Kuroda is also a guy who understands the market very well,'' said Takahiro Ogata, a trader with Citibank. He added that Mr. Sakakibara's resignation will not make much difference because he will remain as an adviser. Still, some analysts are not enamored of Japan's penchant for intervening in the markets. It's nonsense to try to make the yen as low as possible, while Japan is the largest export country. Nonetheless, Mr. Sakakibara's skill in manipulating markets was legendary.