Born in the Shizuoka Prefecture of Japan, Asakawa attended Faculty of Economics, University of Tokyo, graduating with a BA in 1981.

Asakawa later studied at the Woodrow Wilson School of Public and International Affairs at Princeton University in the United States, graduating with an MPA in 1985.

After he took over, ADB made significant contributions to the regional response to the COVID-19 pandemic by providing a $20 million package and a $9 billion Asia Pacific Vaccine Facility.

[9] Between 1989 and 1992 Asakawa was seconded by the Japanese Ministry of Finance to serve as an Executive Assistance to the fifth president of the Asian Development Bank, Kimimasa Tarumizu, in Manila.

Between 1999 and 2000 he served as head of the Technical Assistance Management Unit in the Fiscal Affairs Department of the International Monetary Fund.