Japanese Finance Minister Satsuki Katayama has been chosen to lead the Development Committee, the ministerial forum shared by the World Bank and the International Monetary Fund (IMF), Jiji Press reported on October 12.

No Japanese national has held the chair since the committee was set up in 1974, which makes Katayama the first from her country to take the role. The body brings together ministers from major member states and advises both institutions.

Prime Minister Sanae Takaichi announced the appointment. Katayama will take over from Elisabeth Svantesson, Sweden's finance minister, who holds the post at present.

In a post on X, Takaichi said she expected Katayama to move forward discussions aimed at tackling development problems and to support prosperity across the international community. Takaichi added that this would help Japanese companies thrive abroad and underpin sustainable growth in the Japanese economy.