Masatsugu Asakawa, President of the Asian Development Bank (ADB), has declared his resignation effective February 23, 2025. Following this announcement, Japan is reportedly endorsing Masato Kanda, a former top financial diplomat, as his successor. Finance Minister Shunichi Suzuki expressed Japan’s intention to nominate a suitable candidate promptly, though specifics on Kanda’s nomination were not disclosed by the finance ministry. Asakawa, who took office in January 2020, led the Manila-based lender through significant initiatives to support Asian economies during the COVID-19 pandemic. The ADB stated that the election for the new president would be conducted through an open, transparent, and merit-based process, as outlined in its charter.