TOKYO, May 17 (Reuters) - Japanese Finance Minister Koji Omi said on Thursday that Japan has high regard for embattled World Bank President Paul Wolfowitz.

"I think he's doing a good job. We evaluate his work highly," Omi told reporters when asked about Japan's stance on the bank chief, who is under heavy European pressure to resign over his handling of a high-paying promotion for his companion, Middle East expert Shaha Riza.

A World Bank panel concluded earlier this week that Wolfowitz's efforts on her behalf broke bank rules and represented a conflict of interest.

The former deputy U.S. defense secretary and architect of the Iraq war has insisted he acted in good faith on the advice of a board ethics committee, and he has refused to resign.

Japan is the second-largest shareholder and supplier of capital to the World Bank.

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