Japan's government is set to recommend its former top currency official to be the Asian Development Bank's next president.

Kanda Masato served as Vice Minister of Finance for International Affairs for three years until July. He was behind the recent massive market interventions to curb the yen's historic depreciation. The 59-year-old is currently a special advisor to the cabinet in charge of finance and the international economy.

The recommendation follows the ADB's announcement that current chief Asakawa Masatsugu will retire next February.

The ADB was founded in 1966 to promote infrastructure development and poverty reduction in Asia. It is based in the Philippines. The president is elected by participating countries and regions. All 10 so far have been Japanese.