TOKYO, Sept 8 (Reuters) - Japan's Ministry of Finance will hire a financial markets expert from outside the ministry for the first time, to advise on developments that affect its $1 trillion foreign currency reserves, the ministry said on Monday.
The recruit, who will be employed under a two-year contract, will be asked to advise on developments in foreign capital markets but will not be directly involved in the management of reserves, the ministry said.
Japanese ministries, run by technocrats who join directly from prestigious Japanese universities, have a rigid life-long employment system and rarely hire from the private sector.
The Finance Ministry is notorious for particularly favouring graduates from the University of Tokyo's law faculty.
It is only the third time that the ministry has advertised a job externally, and it is a first for its foreign exchange division, Vice Finance Minister Kazuyuki Sugimoto said.
Japan is believed to have most of its reserves in dollar-denominated bonds, such as U.S. Treasuries, although the ministry has never published a detailed breakdown.
Some lawmakers have criticised the ministry for not pursuing higher returns more aggressively.
Vice Finance Minister Sugimoto said the latest job opening had nothing to do with criticism from politicians.
(Reporting by Hideyuki Sano; Editing by Edwina Gibbs) . lw COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
The recruit, who will be employed under a two-year contract, will be asked to advise on developments in foreign capital markets but will not be directly involved in the management of reserves, the ministry said.
Japanese ministries, run by technocrats who join directly from prestigious Japanese universities, have a rigid life-long employment system and rarely hire from the private sector.
The Finance Ministry is notorious for particularly favouring graduates from the University of Tokyo's law faculty.
It is only the third time that the ministry has advertised a job externally, and it is a first for its foreign exchange division, Vice Finance Minister Kazuyuki Sugimoto said.
Japan is believed to have most of its reserves in dollar-denominated bonds, such as U.S. Treasuries, although the ministry has never published a detailed breakdown.
Some lawmakers have criticised the ministry for not pursuing higher returns more aggressively.
Vice Finance Minister Sugimoto said the latest job opening had nothing to do with criticism from politicians.
(Reporting by Hideyuki Sano; Editing by Edwina Gibbs) . lw COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
© 2008 AFX News
