Masatsugu Asakawa
Masatsugu Asakawa | |
|---|---|
| Born | Shizuoka Prefecture, Japan |
| Occupation(s) | Government official, economist |
| Known for | President of the Asian Development Bank |
, a Japanese government official, currently serves as the president of the Asian Development Bank (ADB). He took office as ADB's 10th president on 17 January 2020. Prior to this role, Asakawa acted as a special adviser to former Japanese prime minister Shinzo Abe and to Taro Aso, who held the positions of deputy prime minister and finance minister. Additionally, he was appointed vice minister for international affairs at Japan's Ministry of Finance.
Early life
Asakawa was born in Shizuoka Prefecture, Japan. He completed his undergraduate studies in economics at the University of Tokyo, earning a BA degree in 1981, the same year he joined the Ministry of Finance. He later obtained a Master of Public Administration (MPA) from Princeton University's Woodrow Wilson School in 1985.
Work with government
Throughout his tenure at Japan’s Ministry of Finance, Masatsugu Asakawa held multiple positions:
- 2000–2002: Regional Financial Cooperation Division, International Bureau
- 2002–2004: International Tax Policy Division, Tax Bureau
- 2004–2006: Foreign Exchange Markets Division
- 2006–2007: Development Policy Division
- 2007–2008: Director of the Coordination Division, International Bureau
- 2009–2013: Deputy Vice Minister for International Affairs
- 2012–2013: Senior Deputy Director-General of the International Bureau; Executive Assistant to the Deputy Prime Minister and Finance Minister
- 2013–2014: Deputy Vice Minister for Policy Planning and Coordination
- 2014–2015: Director-General of the International Bureau
- 2015–2019: Vice Minister for International Affairs, responsible for Japan’s international financial strategy including engagement with G20/IMF, foreign exchange rate policies, and development aid
In 2016, Financial Times recognized Asakawa as "Japan's top currency official," emphasizing his central role in foreign exchange market management.
President of Asian Development Bank
On 2 December 2019, Asakawa was unanimously chosen by the Board of Governors of the Asian Development Bank (ADB) to become its 10th president. His nomination came from the Government of Japan in September 2019. He took over from former ADB president Takehiko Nakao, who retired on 16 January 2020; Asakawa officially assumed office the following day. Initially, he completed Nakao's ongoing term that began in November 2016. Under his guidance, ADB played a vital role in addressing the regional COVID-19 crisis by delivering a $20 million assistance package alongside a $9 billion Asia Pacific Vaccine Facility.
The standard five-year presidential election for ADB occurred in mid-2021. Asakawa stood as the sole nominee and was unanimously endorsed for a term commencing on 24 November 2021.
In 2024, he declared his intention to resign effective from 23 February 2025.
Other positions
Between 1989 and 1992, Asakawa was seconded by Japan’s Ministry of Finance to serve as Executive Assistant to Kimimasa Tarumizu, the fifth president of ADB, based in Manila.
He has also held several roles within international organizations. At the International Monetary Fund, he led the Technical Assistance Management Unit from 1999 to 2000. During his tenure at the Ministry of Finance, he simultaneously fulfilled responsibilities at the OECD, including:
- Co-Chair of the Board for Cooperation with Non-OECD Economies (2002–2004)
- Co-Chair of the Forum on Harmful Tax Practices (2002–2004)
- Chair of the Committee on Fiscal Affairs (2011–2016)
Asakawa served as executive assistant to the prime minister during Japan’s Aso Cabinet (2008–2009). Moreover, he was a visiting professor at Saitama University’s Graduate School of Economic Science from 2006 to 2009 and later at the University of Tokyo’s Graduate School of Arts and Sciences between 2012 and 2015.