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Asia-Pacific

Weary Japan finmin wants to quit, PM says stay

(Agencies)
Updated: 2010-01-05 20:01
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Weary Japan finmin wants to quit, PM says stay
(L-R) Japan's Deputy Prime Minister and National Strategy Bureau Chief Naoto Kan, Finance Minister Hirohisa Fujii and Chief Cabinet Secretary Hirofumi Hirano listen to a speech by Prime Minister Yukio Hatoyama (not in picture) during a news conference at Hatoyama's official residence in Tokyo December 25, 2009. [Photo/Agencies]

Possible Candidates

Hatoyama's support ratings have fallen under 50 percent in some polls due to concerns that he is unable to make tough decisions. Finding a successor for Fujii will be another test for him ahead of an upper house election in mid-2010.

Fujii's two deputies, Yoshihiko Noda and Naoki Minezaki, are possibilities for replacing Fujii, as well as other cabinet members such as National Strategy Minister Naoto Kan.

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Even if he stays in the post, health problems may cast doubt on whether Fujii is fit enough for a job that requires overseeing the world's second-largest economy, making frequent overseas trips and attending hours of debate in parliament.

"The concern in the market is whether there will be a delay in parliament deliberations on the budget," said Akitsugu Bandou, senior economist at Okasan Securities.

"It's better if a decision on whether he stays is made before parliament convenes. But it's also unclear whether there will be a smooth transition if a new person were to take over the job."

The government fears the economy could slide back into a recession this year as falling wages and persistent deflation dampen consumers' appetite to spend.

Japan approved on Dec 25 a record 92.3 trillion yen ($1 trillion) budget for 2010/11 that will inflate the country's debt. 

 

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