Bankers Shouldn't Run Central Banks

The Japanese government did something weird last week, but weird in a good way that other governments should follow. It nominated (drumroll) a new member of its central bank (fanfare) who has actually (fireworks) worked in industry (huge applause, fade to sunset) -- namely Yukitoshi Funo, 68, who used to run Toyota Motor's North American business. Equally surprisingly, the guy he'll replace later this year is Yoshihisa Morimoto, himself a former executive of Tokyo Electric Power Co.