Incoming BOJ Gov Kuroda Steps Down As ADB President

MANILA (Nikkei)--The Bank of Japan's next governor, Haruhiko Kuroda, resigned Monday as president of the Asian Development Bank.

Upon his nomination to the BOJ post, Kuroda had indicated an intention to step down before the end of his term at the ADB. His departure leaves the regional development bank without a president for the first time since its 1966 founding.

The ADB "is, and will continue to be, a very important part of the region's success," Kuroda said. "I am honored to have been entrusted with the leadership of this great organization."

Candidates for president can be nominated until Sunday. The only one so far is Takehiko Nakao, vice minister of finance for international affairs. All presidential candidates in the ADB's history have been Japanese.

The board of governors will hold an election as early as April, even if there is only one candidate.

Kuroda's presidency ran eight years and one month, the longest on record. Under his leadership, the bank increased its capital for the first time in 14 years in 2009 by tripling it to 165 billion dollars, or about 15.67 trillion yen.

(The Nikkei, March 19 morning edition)

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