Photo/IllutrationBank of Japan Governor Haruhiko Kuroda (Photo by Tatsuro Kawai)

Haruhiko Kuroda, hailed for his massive monetary easing policies as governor of the Bank of Japan, looks set to serve a rare second term in the post.

His current five-year term expires April 8, but the Abe administration is keen to keep Kuroda, 73, in the post because of his extensive knowledge of monetary policy and ability to respond to change in the economic landscape.

Kuroda would be the first BOJ governor to remain in office since Masamichi Yamagiwa, who had the job from 1956 and 1964. His nomination requires Diet approval.

Kuroda is credited for his steps to shore up the prime minister's “Abenomics” policy, alongside fiscal spending that has helped weaken the yen and spurred sustained growth.

The administration decided that Kuroda is the most suitable candidate for the job to sustain the country’s economic expansion through continued monetary stimulus.

It will nominate Kuroda as governor and two individuals as deputy governors in its proposal to the Diet in coming weeks.

Their appointment will be finalized if their nomination is confirmed by the two chambers of the Diet.

Their tenure will last five years until 2023.