Japan will nominate its former top currency diplomat Masato Kanda to be the next president of the Asian Development Bank, Kyodo News reports citing Finance Minister Shunichi Suzuki.

Japan has dominated the chief post of the ADB since the Manila-based multilateral lender was established in 1966. The focus will be on whether China, which has been increasing its economic clout in the region, will enter a candidate in the leadership race.

If elected by member countries, Kanda, 59, will succeed Masatsugu Asakawa, another former senior official of Japan's Finance Ministry.

The ADB has said that Asakawa will step down on Feb. 23. He took up the presidency in January 2020 and was reelected in August 2021.

At a news conference, Suzuki said Kanda is "well-versed in Asian matters and has built close ties with officials of various nations and executives of international institutions."

As vice finance minister for international affairs, Kanda was behind massive market interventions by Japan earlier this year aimed at stemming the yen's sharp decline against the U.S. dollar and other major currencies. He left the post in July after serving for three years.

Kanda is currently a special adviser to the Cabinet of Prime Minister Fumio Kishida.