Former Mitsubishi banking executive to head new fund emerging from Innovation Network Corp. of Japan revamp

Former bank executive Masaaki Tanaka will head a brand-new entity emerging from the planned reorganization of Development Network Corp. of Japan, a public-private mutual fund, the market ministry stated Tuesday.The 65-year-old former deputy president of Mitsubishi UFJ Financial Group Inc., presently a Financial Services Agency councilor, will take the post of president after an extraordinary meeting of shareholders of Japan Investment Corp., the new body, this fall.Masahiro Sakane, 77, consultant to machinery-maker Komatsu Ltd., will

work as chairman of the new company's board.The ministry hopes that the fund will boost financial investment in information innovation and other growing

fields after the reorganization under the leadership of Tanaka and Sakane, both with expertise in investment and management in and outside the country.Current INCJ managers are expected to continue handling the outstanding investments in Japan Show Inc. and other

companies.Industry minister Hiroshige Seko informed a news conference after a Cabinet meeting that he is positive that Tanaka and Sakane "will contribute to the development of next-generation markets. "Tanaka signed up with Mitsubishi Bank, a predecessor of Mitsubishi UFJ Financial Group, in 1977 and ended up being deputy president of the holding company in 2012. He likewise assumed the post of senior global consultant of PricewaterhouseCoopers International Ltd. in 2016. LATEST BUSINESS STORIES

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