Japan’s top business lobby has decided to appoint the chairman of Nippon Life Insurance Co. as its head next year, making him the group’s first chief from the financial sector, a source familiar with the matter said Monday.

Yoshinobu Tsutsui will replace Sumitomo Chemical Co. Chairman Masakazu Tokura as the head of the Japan Business Federation in May 2025, the source said, amid concerns over potential economic uncertainties triggered by U.S. President-elect Donald Trump’s imminent assumption of office.

As the tenure of the chief of the lobby, known as Keidanren, is usually two terms, or four years, Tsutsui is expected to serve until 2029. Nippon Life Insurance is Japan’s biggest life insurance company.