Monday, September 1, 2008 0 comments ++[ CLICK TO COMMENT ]++

Not Again...Japanese Prime Minister Quits

From MarketWatch...

Japanese Prime Minister Yasuo Fukuda unexpectedly announced his resignation Monday after less than a year in office.

Fukuda, beset by low approval ratings and an economy seen as on the verge of recession, said efforts to overhaul the economy were unable to overcome a split parliament, according to news accounts of his speech.

Fukuda said he had decided it would be better for someone else to lead the country through the turmoil, the reports said. The ruling Liberal Democratic Party will hold an internal election to determine his successor. Taro Aso, a former foreign minister, is thought to be the top candidate for the post.

The prior PM also resigned within an year so the Japanese government has been a circus of sorts.

The good: Everyone is aware of the problem in Japan's government and have such low expectations so this should not lead to anything disruptive. The present government wasn't undertaking anything significant...

The bad: Economic reforms have ground to a halt ever since Junichiro Koizumi left office. With an unstable government likely for the forseeable future, I don't expect any major government initiatives to be undertaken.


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