Takehiko Nakao, former vice finance minister for international affairs, was named new president of the Asian Development Bank, the organization said Friday.
The nation's former top financial diplomat was the sole candidate and will formally take over ADB on Sunday, the Manila-based institution said.
Nakao, 57, succeeds Haruhiko Kuroda, who became Bank of Japan Gov. on March 20. Nakao will serve out the rest of Kuroda's term through November 2016.