ADB president accepts Bank of Japan call

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Asian Development Bank (ADB) President Haruhiko Kuroda will leave his post on March 18 to take on the job as governor of the Bank of Japan, ADB announced on February 28.

His move follows a decision by  the Cabinet of new Japanese Prime Minister Shinzo Abe. An election of a successor to complete Kuroda’s term will be held by the ADB Board of Governors, the ADB said.

Kuroda’s successor will most likely be Takehiko Nakao (pictured), currently Japan’s Vice Finance Minister for International Affairs.

Japan has held the presidency of the Manila-based ADB since the institution was founded in 1966 and is tied with the US as having the largest voting power at the development bank. The US has monopolised the leadership of the World Bank, while Europeans historically have chosen the head of the International Monetary Fund.

Nakao, 56, who joined the Japanese finance ministry in 1978, has an MBA from the University of California, Berkeley.

 

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Reading Time: 1 minute

Asian Development Bank (ADB) President Haruhiko Kuroda will leave his post on March 18 to take on the job as governor of the Bank of Japan, ADB announced on February 28.

Reading Time: 1 minute

Asian Development Bank (ADB) President Haruhiko Kuroda will leave his post on March 18 to take on the job as governor of the Bank of Japan, ADB announced on February 28.

His move follows a decision by  the Cabinet of new Japanese Prime Minister Shinzo Abe. An election of a successor to complete Kuroda’s term will be held by the ADB Board of Governors, the ADB said.

Kuroda’s successor will most likely be Takehiko Nakao (pictured), currently Japan’s Vice Finance Minister for International Affairs.

Japan has held the presidency of the Manila-based ADB since the institution was founded in 1966 and is tied with the US as having the largest voting power at the development bank. The US has monopolised the leadership of the World Bank, while Europeans historically have chosen the head of the International Monetary Fund.

Nakao, 56, who joined the Japanese finance ministry in 1978, has an MBA from the University of California, Berkeley.

 

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