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Japan Nominates Vice Finance Minister to lead ADB

7 March 2013

Japan has nominated its deputy finance minister for international affairs, Takehiko Nakao, to become president of the Asian Development Bank. The Finance Ministry proposed that Nakao succeed current ADB president Haruhiko Kuroda. He has been nominated Japan’s next central bank governor and resigned as ADB president effective March 18. Japan has held the presidency of the Manila, Philippines-based regional lender due to its status as the ADB’s biggest donor. Kuroda’s planned departure has raised speculation that China might seek a chance to lead the bank. Finance Minister Taro Aso said on Thursday that he believed Nakao, who mainly handles Japan’s currency affairs, was the best qualified person for the job.—AP