The Japan Federation of Economic Organizations (Keidanren) and the Japan Federation of Employers' Associations (Nikkeiren) announced Monday that Nikkeiren Chairman Hiroshi Okuda will head the new business organization that will arise from the merger of the two groups in spring.

The two groups will merge to become the Japan Business Federation on April 1. The appointment of Okuda as chairman will be officially approved at the JBF's first general meeting, slated for May 28.

Okuda, who also serves as chairman of Toyota Motor Corp., said the JBF should contribute to revitalizing Japan's slowing economy and to the development of the world economy.