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.
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 , 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.
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.
Diplomat Chosen As Next ADB Chief
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