However, in spite of the general perception that monetary policy should be conducted so as to avert deflation, a central bank cannot lower interest rates below the zero lower bound.

Fukui was Deputy Governor of BOJ from 2002 through 2003; and he became the new BOJ governor at the end of the five-year term of Masaru Hayami. He was the 29th Governor of the Bank of Japan (BOJ) and a Director of the Bank for International Settlements (BIS). Early life
Fukui was born in Osaka.

Toshihiko Fukui (福井俊彦 Fukui Toshihiko? September 7 1935–  ) is a Japanese economist and central banker.