Sept 17 (Reuters) - The Bank of Japan may sound a slightly brighter note on the economy on Thursday which combined with improving corporate financing would pave the way for a broader debate next month on whether to start phasing out its corporate fund-support measures.

Wed Sep 16, 2009 10:58pm EDT

Sept 17 (Reuters)

Following are profiles of the Bank of Japan's policy board members. The board currently has one vacancy.

MASAAKI SHIRAKAWA, 59, governor

A career central banker who took the helm of the BOJ in April 2008, less than a month after being appointed deputy governor by a divided parliament, Shirakawa has led the implementation of various unconventional policy steps to shore up a faltering economy mired deep in recession.

Previously an economics professor, he has been cautious about the economy, repeating that the outlook is highly uncertain and the country's deflation may last longer than initially expected.

He has also warned that Japan may experience prolonged deflation, although he has stuck to the BOJ's official line that the country will not tip into into a deflationary spiral, in which weakness in the economy and price falls feed off each other.

Markets regard Shirakawa as neutral on monetary policy.

But he has not concealed his belief that keeping easy monetary policy too long would be harmful, warning in August that policy-makers must avoid economic bubbles fostered by expectations that rates will remain low.

HIROHIDE YAMAGUCHI, 58, deputy governor

A central banker for more than 30 years, Yamaguchi was a BOJ executive director when he was appointed to his current position in October 2008.

Yamaguchi, who is thought to be close to Shirakawa, has mostly toed the BOJ's official line on monetary policy.

He has said that despite recent falls in consumer prices, Japan is not in a deflationary spiral.

Yamaguchi hinted in July he may favour extending the BOJ's unconventional measures aimed at easing credit strains when they expire in December, saying it was unclear if corporate funding conditions would keep improving.

KIYOHIKO NISHIMURA, 56, deputy governor

A former University of Tokyo professor and a statistics expert, Nishimura joined the BOJ board in 2005 and was appointed deputy governor in March 2008.

Nishimura, who has voted with the majority on policy decisions, said in September that unconventional steps act as safety nets that are necessary when market confidence is eroded.

HIDETOSHI KAMEZAKI, 66

Kamezaki, a former senior executive vice president of Japan's biggest trading firm, Mitsubishi Corp, joined the board in April 2007. He has broad overseas experience at the trading house.

He was among four dissenters when the BOJ cut rates to 0.3 percent in October last year, calling instead for a cut to 0.25 percent.

He has voted with the board and toed the BOJ's official line since then. In June, Kamezaki warned that the waves of government debt being issued around the world to fund stimulus measures could push up interest ratse.

ATSUSHI MIZUNO, 50

Mizuno, a well-known bond strategist before joining the BOJ and the youngest member of the board, had been considered hawkish on monetary policy when times were good for the economy.

But he is now the most pessimistic member of the board, warning in August that weak overseas growth may pose a risk to the BOJ's forecast for a moderate recovery later this year.

Mizuno said there was little the BOJ could do to beat deflation short-term. But he also said central banks have the option of announcing their commitment to maintain low rates if the economic outlook undershoots forecasts.

Mizuno was one of four board members who voted against the BOJ's decision to cut rates in October last year, arguing that such a move would do little to boost the economy.

He supported the BOJ's subsequent rate cut in December and called for unconventional policy steps in February to prevent the economy from worsening further.

His term expires at the end of this year.

SEIJI NAKAMURA, 67

Nakamura, who joined the board in April 2007, was formerly head of a unit of Mitsui OSK Lines, Japan's second-biggest ocean freight firm. His career was spent mostly in the finance and planning sections of Mitsui OSK.

He was among the four dissenters when the BOJ cut rates to 0.3 percent last October, calling instead for a cut to 0.25 percent.

He has toed the BOJ's official line since then but said in June that once corporate credit strains ease enough to make the BOJ's corporate fund support measures unnecessary, the bank should not hesitate to end them.

MIYAKO SUDA, 61

A former economics professor, Suda is seen by markets as holding hawkish views on monetary policy and has been more critical than other board members of the idea of the BOJ buying corporate debt.

In September she warned of the risk of propping up corporate finance for too long, signalling she may oppose extending the bank's programmes to buy company debt when they expire in December.

She was the sole opponent of the BOJ's decision in January to buy corporate bonds maturing within a year, arguing that such a step would do little to ease credit strains.

She joined the BOJ board in April 2001 and was reappointed to a second five-year term in 2006.

TADAO NODA, 62

Noda, a banking industry veteran, joined the BOJ board in June 2006 and has been seen as holding hawkish views on monetary policy when times were good for the economy.

But he has been cautious about the economy lately and warned in July that he was not optimistic about corporate financing conditions, suggesting the BOJ should not end its corporate fund support steps too hastily. (Reporting by Leika Kihara; Editing by Michael Watson)