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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.

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.