TOKYO (Kyodo) -- Japan's biggest business lobby said Tuesday it has tapped Nippon Life Insurance Co. Chairman Yoshinobu Tsutsui to head the group, taking the rare step of filling the post with someone from the finance industry.

The 70-year-old will take the helm at the Japan Business Federation in May 2025, replacing Sumitomo Chemical Co. Chairman Masakazu Tokura, according to a source familiar with the matter.

Keidanren usually selects its chairman from the country's powerful manufacturing sector.

Tsutsui, who currently serves as the lobby's vice chairman, is expected to lead the organization until 2029, the source said.