Society | Sep 18

Japan to nominate Asakawa for ADB chief

Japan's government is expected to nominate former vice finance minister Masatsugu Asakawa to head the Asian Development Bank.

The ADB announced on Tuesday that President Takehiko Nakao, who has held the post since April 2013, intends to step down on January 16 next year.

Japanese Finance Minister Taro Aso issued a statement on Tuesday stressing that Japan has made huge contributions to the bank in terms of money and personnel since its founding.

Aso said the country will quickly recommend a high-caliber candidate to succeed Nakao.

Asakawa is 61 years old. He joined Japan's Finance Ministry in 1981 and served as the top currency diplomat from July 2015 to July this year.

All nine ADB presidents have been Japanese.

A candidate must win votes from more than half of the 68 member governments to become president.

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