Critical time for Japan economy, says Muto

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TOKYO, Mar 11 (Reuters): The nominee for governor of the Bank of Japan (BoJ), Toshiro Muto, said today the Japanese economy was at a critical point with many risks, both at home and overseas.
Muto, currently a deputy BoJ governor, has been named to succeed Toshihiko Fukui who retires in just over a week, but opposition parties have threatened to block his appointment.
"Japan's economy is at a critical stage as it faces various risks at home and abroad," Muto told a lower house hearing for the candidates for the next BoJ governor and deputy governors.
"The global financial market turmoil triggered by subprime mortgage loan problems in the United States continues. Signs of a US economic slowdown are intensifying and downside risks for the global economy are rising."