TOKYO — Japan’s former top currency diplomat Masato Kanda, known for his heavy-handed intervention to combat sharp yen falls that earned him the nickname “Mr. Yen”, was chosen to become next president of the Asian Development Bank (ADB), the bank said on Thursday.
In his new role that begins next year, Kanda will be tasked to navigate the ADB through fresh challenges such as helping Asia reduce poverty and mitigate risks from climate change.
Now a special adviser to Prime Minister Shigeru Ishiba, Kanda will take office on Feb. 24, 2025, the ADB said in a statement.
“I’d like to do my best to tackle global problems such as those related to infrastructure, poverty reduction and climate change,” Kanda told reporters after the announcement.
He succeeds Masatsugu Asakawa, another former top Japanese currency diplomat, and will serve out the unexpired portion of Asakawa’s term, ending in November 2026. The outcome was widely expected as there were no other candidates vying for the post.
Multilateral development banks are under pressure to ramp-up climate finance to low- and middle-income countries. The ADB is no exception with Asia one of the most natural disaster-prone regions in the world.
Kanda will take the ADB’s helm at a time when the US government under President-elect Donald Trump is expected to pull back from global efforts to fight climate change.
Since the ADB was founded in 1966, its top post has always been filled by someone from Japan which, along with the United States, is the bank’s biggest shareholder.
Kanda, who stepped down in July after three years as Japan’s vice finance minister for international affairs, led massive bouts of yen-buying intervention in the currency market in 2022 and 2024.
Be the first to comment