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Zeti Akhtar Aziz reforms Malaysia's financial markets; Fukui achieves much by doing llittle in Japan.
Central bank governor of the year 2005: Japan Toshihiko Fukui has overseen a successful policy U-turn in Japan's fight against deflation. Despite intense pressure, he has kept interest rates low until sustained inflation returns.
Central bank governor of the year 2005: Malaysia The woman who has run the central bank since 2000 has overseen reform of the exchange rate, the capital markets and the banking industry. With her encouragement the country has also become a hub for Islamic finance.