Japan Nominates Masato Kanda for ADB Presidency

Japan is expected to nominate former top finance diplomat Masato Kanda as the next president of the Asian Development Bank (ADB), following the upcoming resignation of current president Masatsugu Asakawa on February 23, 2025. Kanda, who has extensive experience in currency management and recently oversaw significant market interventions to support the yen, is favored to succeed Asakawa, who has served since January 2020. The ADB has stated that the election process will be open, transparent, and merit-based, adhering to its charter. Japan has traditionally held the presidency of the ADB since its establishment in 1966, with previous leaders often being high-ranking officials from the Finance Ministry. Finance Minister Shunichi Suzuki confirmed Japan's intention to propose a suitable candidate without naming Kanda specifically. The nomination reflects Japan's ongoing influence within the multilateral banking institution.