Japan Nominates Masato Kanda for ADB Presidency

Japan has nominated Masato Kanda, a former top currency diplomat, as its candidate to head the Asian Development Bank (ADB). Kanda's experience in Asia-Pacific affairs and deep networks make him a strong candidate. The election process for the ADB president will be open and merit-based.

Japan has put forward Masato Kanda, the country's former leading currency diplomat, as a candidate for the presidency of the Asian Development Bank (ADB), Finance Minister Shunichi Suzuki announced on Tuesday. Kanda's comprehensive knowledge in Asia-Pacific matters and connections with key executives across various nations and international bodies underscore his strong candidacy.

Finance Minister Suzuki, speaking at a regular press meeting, emphasized Kanda's suitability for the role. If chosen, Kanda will succeed Masatsugu Asakawa, who has decided to step down on February 23, 2025. The ADB has confirmed that the selection of its next president will be conducted through an open, transparent, and merit-based process.

Masato Kanda, who resigned in July after a tenure as vice finance minister for international affairs, is known for leading significant yen-buying interventions in 2022 and 2024. He currently advises the Japanese cabinet. Asakawa, also a former top currency diplomat, presided over the ADB since January 2020, guiding the institution through the COVID-19 economic crisis. This nomination continues the tradition of Japanese leadership in the ADB, amidst calls from emerging economies for a shift in leadership at global financial bodies.

(With inputs from agencies.)