Takehiko Nakao

Takehiko Nakao
Born	1956 Hyōgo Prefecture, Japan
Occupation(s)	Government official, banker, academic
Years active	1978–present
Known for	Ninth president of the Asian Development Bank (2013–2020)

Takehiko Nakao is a former Japanese government official who served as the ninth president of the Asian Development Bank (ADB) from 2013 until early 2020. Presently, he acts as an advisor to Sumitomo Corporation, leads the Center for International Economy and Strategy as chairman, and holds a board position at Daiichi Life Insurance Ltd. Additionally, Nakao contributes to academia by lecturing on international economic policy and development economics as a visiting professor at both the Graduate School of Public Policy, University of Tokyo, and the National Graduate Institute for Policy Studies.

Career

Beginning his career in 1978, Nakao joined Japan’s Ministry of Finance, where he advanced through several significant appointments. His roles included serving as Minister at the Embassy of Japan in Washington D.C. and acting as an economic advisor at the International Monetary Fund during the mid-1990s. Prior to his presidency at the ADB, he held the position of Vice Minister of Finance for International Affairs—the highest-ranking civil servant role within Japan’s Ministry of Finance. Nakao notably orchestrated Japan’s largest currency market intervention following the yen’s rapid appreciation in 2011 and represented Japan as finance deputy in G7 and G20 meetings between 2011 and 2013.

Education

Nakao earned his economics degree from the University of Tokyo, where he also taught courses on international finance between 2010 and 2011. He further obtained an MBA from the University of California, Berkeley. In 2008, he authored the book America’s Economic Policy: Can it Sustain its Strength?.

President of the ADB

Selected by Japan to replace Haruhiko Kuroda as president of the Asian Development Bank, Nakao was unanimously confirmed and began his term on April 28, 2013. He was subsequently reappointed for another five-year term commencing November 24, 2016. Since its inception in 1966, leadership of the ADB has always been held by Japanese nationals; despite speculation about a potential challenge from China, Nakao remained the only candidate.

During his tenure, Nakao focused on mobilizing financial resources and advancing public-private partnerships, championing development that is “more innovative, more inclusive and more integrated” throughout the Asia-Pacific region. His administration emphasized infrastructure development, environmental sustainability, regional cooperation, inclusivity, gender equality, cofinancing strategies, and internal reforms aimed at overcoming resource limitations while enhancing operational efficiency.

In recognition of his contributions to national development in the Philippines during his time at ADB, Philippine President Rodrigo Duterte conferred upon Nakao the Order of Sikatuna, the country’s highest civilian award with the rank of Grand Cross (Datu), in January 2020.

Bibliography

Books (English)

• Asia’s Path to Prosperity: Policy, Market, and Technology Developments over Five Decades, January 2020, Asian Development Bank (Lead Editor and Co-author)
• The Emergence of Asia: Insights and Reflections - Memoir of the Asian Development Bank President (2013-2020), July 2022, Asian Development Bank

Papers (English)

• ADB’s Strategic Shift in Asia: Facilitating Large-Scale Quality Infrastructure Development, September 2016
• International Finance Challenges and Japan’s Strategic Responses, March 2012
• Addressing the Global Financial Crisis and Upcoming Policy Issues, October 2010
• Reforming the Global Monetary Framework—Japan’s Viewpoint, March 2010
• Japanese Official Development Assistance—Adjusting to New Aid Environment Challenges, October 2005 (co-authored with Takamasa Akiyama)
• Japan’s Fiscal Policy Experience During the 1990s, March 2002