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Can Asia Weather the Storm of the Global Financial Crisis?

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Date and time
Friday, November 07, 2008

In light of the current financial crisis, Asia’s economy is suffering too. Haruhiko Kuroda, Asian Development Bank President, discusses Asia’s economic development in light of the current financial crisis, fluctuations in commodity prices, and the environmental challenges that the region currently faces. Prior to his appointment as President of the Asian Development Bank, Haruhiko Kuroda was Special Advisor to the Cabinet of Japanese Prime Minister Junichiro Koizumi, a professor at the graduate school of economics at Hitotsubashi University in Tokyo, and Director-General of the International Bureau (Ministry of Finance). Between 1997 and 2003, Mr. Kuroda helped to design and implement the US $30 billion Miyazawa Initiative, which was Japan’s response to Asian economies hit by the 1997-1998 financial crisis. This event was held by the Asia Society.

Mr. Haruhiko Kuroda is the President of the Asian Development Bank (ADB) and the Chairperson of ADB's Board of Directors. He was elected President by ADB's Board of Governors in November 2004 and was reelected in November 2006 for a new five-year term. In a career spanning nearly four decades, Mr. Kuroda has represented Japan's Ministry of Finance at a number of international monetary conferences as Vice Minister of Finance for International Affairs. Under his leadership, Japan helped Asian nations establish the Chiang Mai Initiative, a network of currency swap agreements designed to avert another crisis. After retiring from the Ministry in 2003, Mr. Kuroda was appointed Special Advisor to the Cabinet of Prime Minister Koizumi to advise the premier on international monetary issues.