Japan's Former Top Currency Envoy Takes Over as ADB Chief

Masato Kanda, Japan's former top currency diplomat, officially assumed office on Monday as the new president of the Asian Development Bank (ADB), the Manila-based international lender announced, Kyodo News reported.

During his tenure as vice finance minister for international affairs, Kanda played a pivotal role in Japan's market interventions to stabilize the yen amid sharp declines against the U.S. dollar and other major currencies. I Photo: Asian Development Bank Flickr

As the ADB's 11th president, Kanda pledged to advance the bank’s mission of promoting sustainable, inclusive, and resilient growth while addressing pressing development challenges.

He succeeds Masatsugu Asakawa, another former senior official of Japan's Finance Ministry.

Japan, a leading ADB shareholder alongside the U.S., has held the bank’s top position since its establishment in 1966. The institution aims to eradicate extreme poverty and support development in the Asia-Pacific region.

Kanda will serve the remainder of Asakawa’s term until Nov. 23, 2026.

During his tenure as vice finance minister for international affairs, Kanda played a pivotal role in Japan's market interventions to stabilize the yen amid sharp declines against the U.S. dollar and other major currencies.

He left the position in July 2024 after serving for three years.