Why Japan Dominates Leadership of Asian Development Bank

(Beijing) – The Asian Development Bank (ADB) has been important to Japan the way the World Bank has been to the United States and the International Monetary Fund to the European Union. Since its establishment in 1966, all eight presidents of the ADB have been from Japan and seven of them served at the country's Finance Ministry.

The monopoly looks set to continue, with Takehiko Nakao, Japan's vice finance minister, on course to succeed former president Haruhiko Kuroda, who resigned to become central bank governor in March. The 57-year-old still needs to go through voting by 67 member states of the ADB by April 24, but he is the only candidate for the job.