Japan will recognize the need to be involved in what will probably become an important development institution in Asia," said Desai.
The European countries that have joined the AIIB have done so because of the prospective economic opportunities and frustration with the lack of reforms in some of the existing institutions. For instance, the U.S. Congress still has not voted on IMF reforms that were first approved by the fund back in 2010, leaving some large nations with small voting rights, said Desai. Take China, for example: Despite its large GDP, China's IMF vote weights as 3.81 percent of the total. That compares with France, which holds a 4.29 percent voting share.