Tokyo gave Masaaki Shirakawa, executive director between 2002 and 2006, the job of running the bank's day to day operations. The Japanese Parliament also agreed to appoint Kiyohiko Nishimura to a deputy governor position, leaving the governor's position unfilled.
Prime Minister Yasuo Fukuda said the 5-year appointments were made during an economic period "rocked by turbulence," Kyodo News reported.
It is the first time the job of governor of the Bank of Japan has been vacant since the end of World War II, the report said.
At a press conference, Finance Minister Fukushiro Nukaga said the vacancy should be kept to a "minimum."
"I believe the selection process should be based on the candidate's capabilities,'' he said, alluding to the political turmoil that failed to select a candidate.
Notable deaths of 2014 [PHOTOS]