TOKYO - Masatsugu Asakawa, former Japanese Vice Finance Minister for International Affairs, has been appointed as the Asian Development Bank's (ADB) new president, the ADB said on Monday.

Asakawa, 61, will replace Takehiko Nakao, who has been at the helm of the ADB since April 2013.

Asakawa, the only candidate for the Manila-based lender, will be the ADB's 10th president since its establishment in 1966, with his appointment being formally approved by the ADB's 68 members.

"Going forward, I wish Mr. Asakawa the very best in his next endeavor as ADB president, drawing on his rich and extensive experience that cuts across international finance, development assistance and international taxation," Japanese Finance Minister Taro Aso was quoted as saying in a statement.

Asakawa became Japan's longest-serving top currency diplomat with his tenure beginning in July 2015 and ending in July this year.

Since July, Asakawa has been serving as a special advisor to Prime Minister Shinzo Abe as well as Aso.