Masato Kanda, Japan’s former top currency diplomat, is poised to become the next president of the Asian Development Bank (ADB). The ADB announced on Thursday that the nomination period for its next president has closed, with Kanda emerging as the sole candidate.
The ADB’s board of governors will begin voting on Monday, with the final result to be announced on November 28. This development continues Japan’s long-standing leadership of the Manila-based institution, as the country has held the top post since the ADB’s founding in 1966.
Kanda, who stepped down in July after serving three years as vice finance minister for international affairs, is known for leading significant yen-buying interventions in the currency markets in 2022 and 2024. His nomination follows the announcement last month by current ADB President Masatsugu Asakawa of his intention to retire, effective February 23, 2025.
Japan’s consistent leadership of the ADB reflects its position as one of the bank’s largest shareholders, alongside the United States. Kanda’s impending appointment underscores Japan’s continued influence in international financial institutions and its commitment to economic development in the Asia-Pacific region.
