Former-leading currency diplomat to be nominated by Japan as head of Asian Development Bank, according to sources

By | September 19, 2019

It is being anticipated that the government of Japan will nominate Masatsugu Asakawa, who is the former topmost currency diplomat of the country, as its nominee for becoming the coming chief of the Asian Development Bank, sources familiar with the matter told.

The top post of Asian Development Bank has been always held by Japan, which other than the US is the largest shareholder of the bank, hence making Asakawa a suitable candidate for taking up the position, even though there are chances of China to put up a potential candidate.

There will be a system of an election where the nomination will take place via the votes by the members of the multilateral lender based in Manila. If the selection of Asakawa takes place, it could be assuming the position early in the next year, according to the sources who requested to keep their identity anonymous because of the sensitivity of the matter.

Asakawa will be succeeding incumbent Takehiko Nakao, which is an ex-leading Japanese currency diplomat who has been serving since 2013.

It was reported by the Nekkei newspaper of Japan yesterday that soon Nakao will be announcing his resignation and that Asakawa will be nominated by the government of Japan as his successor.

A vital role has been played by Japan in the creation of the Asian Development Bank to provide loans to emerging Asian economies. Thus the post of the Asian Development Bank’s President has been dominated by the Senior Japanese Ministry of Finance officials ever since its inception in 1966. Prior to Nakao, the post of Asian Development Bank’s President was served by the Governor of Bank of Japan Haruhiko Kuroda.

The Asian Development Bank is facing growing competition from the Asian Infrastructure Investment Bank.