Expand / Collapse search
Watch TV
Menu

This material may not be published, broadcast, rewritten, or redistributed. ©2024 FOX News Network, LLC. All rights reserved. Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. Mutual Fund and ETF data provided by Refinitiv Lipper.

World

Japan nominates vice finance minister to lead ADB, to replace Kuroda as he becomes BOJ chief

Associated Press
Published | Updated

TOKYO – Japan has nominated Takehiko Nakao, its deputy finance minister for international affairs, to become president of the Asian Development Bank.

The Finance Ministry proposed that Nakao succeed current ADB president Haruhiko Kuroda, who has been nominated to become Japan's next central bank governor and resigned as ADB president effective March 18.

Japan nominates the president of the Manila, Philippines-based regional lender due to its status as the ADB's biggest donor. Kuroda's planned departure has raised speculation that China might seek a chance to lead the bank.

Finance Minister Taro Aso said Thursday that he believed Nakao, a 35-year Finance Ministry veteran who mainly handles Japan's currency affairs, was the best qualified person for the job.

Aso said he expected the ADB president to be chosen on an "open, transparent and merit basis."

Kuroda, 68, had previously served as deputy finance minister and was Japan's top financial diplomat. He had served as ADB president since 2005.

Like Kuroda, Nakao is a fluent English speaker.

The government expects to win parliamentary approval for Kuroda's nomination to head the Bank of Japan after its current governor, Masaaki Shirakawa, steps down on March 19.