Politics 4 March 2013 Japan's next central banker promises "whatever it takes" to fight deflation Kuroda pulls a Draghi. Print HTML Japan is where all the action in monetary policy is taking place, and the news this weekend is no exception. Haruhiko Kuroda, the man who is likely to become the new governor of the Bank of Japan following his nomination by prime minister Shinzo Abe, has apparently been taking lessons from Mario Draghi. Bloomberg's Michael McDonough tells the story: *KURODA SAYS BOJ TO PURSUE MONETARY POLICY TO CONQUER DEFLATION -Bloomberg — Michael McDonough (@M_McDonough) March 4, 2013 more: *KURODA SAYS HE WILL DO WHATEVER IT TAKES TO END DEFLATION -Bloomberg — Michael McDonough (@M_McDonough) March 4, 2013 *KURODA SAYS BOJ EASING ISN'T AIMED AT WEAKENING THE YEN -Bloomberg — Michael McDonough (@M_McDonough) March 4, 2013 *KURODA SAYS CAN'T DENY MONETARY POLICY AFFECTS CURRENCY MARKET -Bloomberg — Michael McDonough (@M_McDonough) March 4, 2013 The crucial phrase there is "whatever it takes". That's the phrase which has gone down in history as the turning point in the euro crisis. Last July, Mario Draghi promised to do "whatever it takes" to preserve the euro — and from that moment, Italian bond yields fell almost consistently until mid-February when traders realised how shambolic the election was gearing up to be. This chart from Business Insider shows just how strong the effect was: Kuroda will be hoping he can have half the effect of Draghi. But since the effectiveness of promising to do whatever it takes is dependent on everyone believing that you actually will, Japan has an advantage in this game. The lengths the government has gone to to tackle deflation already far exceed anything any other country has attempted, and it would appear they are only getting started. › Morning Call: pick of the papers Haruhiko Kuroda. Photograph: Getty Images Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter. Subscribe More Related articles For 19 minutes, I thought I had won the lottery VIDEO: Market outlook from Artemis’ Chief Investment Officer The year of the flop: why could none of the big-money clubs come close to Leicester City?