Asia Development Bank president to step down

TOKYO (AP) - The president of the Asia Development Bank, Takehiko Nakao, intends to step down early next year.

The regional lender announced Nakao's plan to resign on Tuesday. Japanese officials have usually headed the ADB, and Finance Minister Taro Aso said in a statement that Tokyo would soon nominate a "high-caliber candidate" as Nakao's successor.

Aso's statement did not mention Japan's choice by name. However, in a news conference he told reporters the government planned to recommend Masatsugu Asakawa, a former vice finance minister, as Tokyo's choice.

Asakawa was Japan's top currency official for four years before becoming a special adviser to the government in July.

Reports said there was concern in Japan that China might challenge its hold over the Manila, Philippines-based bank.