Japan Nominates Ex-Currency Diplomat Kanda to Lead ADB, Reports Reuters

By Makiko Yamazaki

TOKYO (Reuters) – Japan is set to nominate Masato Kanda, the nation’s former top currency diplomat, as its candidate for the next head of the Asian Development Bank (ADB), according to Finance Minister Shunichi Suzuki on Tuesday.

Since the ADB’s inception in 1966, the leadership position has traditionally been held by a Japanese national, which, along with the United States, makes Japan one of the bank’s primary shareholders. This background positions Kanda as a leading candidate for the role.

“(Kanda) is the most suitable choice to lead the ADB, as he possesses extensive knowledge of Asia-Pacific issues and has established strong connections with officials across various countries and international organizations,” Suzuki remarked during a regular press briefing.

If appointed, Kanda will succeed Masatsugu Asakawa, who announced on Monday his decision to resign from the post effective February 23, 2025.

In a statement, the development lender confirmed that the election process for the next ADB president would be "open, transparent, and merit-based."

Kanda, who left his position in July as vice finance minister for international affairs, played a key role in significant yen-buying interventions in the currency markets during 2022 and 2024. He is currently serving as a special adviser to the cabinet.

Asakawa, also a former high-ranking Japanese currency diplomat, took over as ADB president in January 2020 and led initiatives to support the region’s economies amid the COVID-19 pandemic.

Several emerging economies, driven by their rapid development, have begun to challenge the longstanding tradition of advanced economies holding top positions in global financial institutions. Currently, officials from the United States lead the World Bank, while Europeans head the International Monetary Fund.