Japanese financial phase resigns for health reasons

A photo of the resignation of Japan's finance minister, Mr. Fujii (left) and his successor, Naoto Kan (pictured on September 18, 2009). Japan's finance minister, Mr. Fujii, 5th resigned to Prime Minister Yukio Hatoyama on the basis of poor health conditions. Hatoyama announced 6th that he has accepted Fujii's resignation request. Fujii became the first minister to resign since the Shanwan regime came to power last September. Some political and economic analysts believe that Fujii is highly respected and experienced, and if he withdraws from politics, the ruling Democratic Party loses a lot, and Mr Hatoyama's government is pushing to revive the economy or hinder it.　　　　The resignation of Fujii not only related to Japan's "financial bureau", but also to Japan's political situation.　　The Japanese Kyodo news agency 5th quoted an unnamed Democrat said, Fujii 5th morning to leave the hospital to attend the first routine cabinet meeting this year, and then to the Prime Minister's mansion, to "poor health" to express his resignation wishes.　　According to the congressman, Shan Ben wants to retain Fujii, but the latter has "decided" and the government finally decides to accept his resignation request. Speaking at a press conference after the cabinet meeting, Fujii said he felt "exhausted" after compiling the budget for the 2010 fiscal year late last year, but did not elaborate on the physical condition at the moment.　　According to Fujii, physical examination is continuing and the final results will be announced shortly.　　Fujii, a 77-year-old with a history of hypertension, said in a hospital examination last December 28 that "let the Doctor decide his future".　　Fujii said 5th that he would "follow the doctor's judgment" and decide whether to attend a congressional meeting scheduled for 18th this month to consider two government budgets. Before the House of Representatives last August, Fujii had expressed his intention to take part in the election and Cabinet, the oldest cabinet in the Hatoyama cabinet.　　　　After Fujii as a financial minister, he has repeatedly said that this is his "last public office". Hatoyama rushed to arrange personnel Hatoyama Cabinet members general lack of ruling experience, Fujii peremptory became cabinet "reassurance." Only 4 months into office, Fujii resigned, Hatoyama obviously unprepared.　　Hatoyama 6th told the prime Minister's official residence press corps, Fujii is the government budget "maternity", very much hope that he can continue to "nurture." Under the leadership of Fujii, the Hatoyama government last December passed the second supplementary budget and the 2010 budget for fiscal year 2009. Among them, the supplementary budget plans to take 7.2 trillion yen (about 77.77 billion U.S. dollars) to implement a package of economic stimulus, the fiscal 2010 budget is a record 92.3 trillion yen (about 996.84 billion U.S. dollars), including new measures to boost the economy.　　The two budgets have yet to be approved by the Congress scheduled for 18th. Mr. Hatoyama said, "Fujii the birth process of the children (budget), is one of the best candidates for congressional questioning on behalf of the cabinet."　　But he also hinted that if the diagnosis confirmed Fujii's poor health, he would approve the resignation. Hatoyama 6th evening in the Prime Minister's residence in the media interview, said Fujii to his resignation that afternoon, includingA doctor's diagnosis of his health.　　Hatoyama said he decided to accept Fujii's resignation because Fujii resigned for health reasons. With regard to the personnel arrangements for Fujii successors, Hatoyama said he has summoned the Deputy Prime Minister and national strategy to serve as Minister Naoto Kan and administrative reform as Minister of Fairy Valley by people, put forward to let Naoto Kan as Deputy Prime minister and Finance minister, let Xian gu by the person concurrently Naoto Kan now concurrently national strategy as Minister, two people accept.　　Mr Hatoyama also said he would not consider appointing new recruits to the cabinet for the time being. >> behind the scenes may have other difficulties Fujii resignation, public reason is poor health, overwhelmed.　　However, Japan's "News of production" that Fujii may have other difficulties. First, Fujii with the Democratic Power figures, party secretary Ozawa, especially in the budget contradictions intensified.　　Fujii and Ozawa was a long-term ally, but last year, when Hatoyama cabinet, Ozawa against Fujii as financial phase, both sides are not. In the budget process of fiscal year 2010, Fujii and Ozawa are opposed to the specific items, such as whether to set family income limits for children's allowances and to improve doctors ' remuneration for medical treatment.　　Ozawa once face-to-face reprimand Fujii.　　Last December Fujii Hospital the next day, Ozawa in a party cadre meeting, think Fujii sick a matter not so simple. Second, Fujii worried that after the Congress, the opposition party has revived, holding back the "political and money" problem. According to reports, in 2002, Fujii, the Liberal Party's secretary-general, allegedly improperly used a political capital of up to more than 1 billion trillion yen.　　At that time the Liberal Party's first party was Ozawa.　　Since the Democratic Party took office, the LDP-led opposition party has pursued the political funding problems of Hatoyama and Mr Ozawa, effectively pulling down the Hatoyama cabinet's support rate.　　　　Other reports said that Fujii Naoto Kan to "political leadership" as a means to intervene in the budgeting work also have opinions, and Hatoyama did not solve Fujii and Ozawa and Naoto kan contradictions, Fujii to this situation expressed dissatisfaction. >> reaction market See empty Japanese government bonds Fujii Department Eisuke (predecessor of Finance province) bureaucratic background, in the 90 's two-time fiscal phase, deeply notes Japan's financial system and policy. Japanese media believe that Fujii is the only one in the Hatoyama cabinet to advocate the rebuilding of finance, to curb debt cabinet.　　Although Japan's 2010 budget reached a record 92.3 trillion trillion yen, Fujii resisted pressure from the ruling party and the government to keep the amount of new government debt under 44 trillion yen (479 billion US dollars) this year.　　Market participants believe that, given Japan's huge public debt burden, the Fujii successor is unlikely to be inclined to continue to increase government spending, but if the Japanese economy continues to shrink, the successor may not have Fujii authority to resist the call to regain expansionary fiscal policy. According to the International Monetary Fund, Japan's 2009 government debt as a percentage of gross domestic product will rise from 120% in 1998 to 219%. In contrast, US Treasuries will account for 85% of U.S. GDP in the same period.。　　A report by the Wall Street Journal late last year said some international hedge funds with a sense of smell had begun to look at Japanese bonds and bet on the collapse of the Japanese bond market.　　Morita, a researcher at Barclays Capital's fixed income division, said in a 6th investment note to clients, Fujii resignation News has not affected the bond market, "but market participants must focus on who will take over Fujii, Fujii play a major role in ensuring that the next fiscal year does not exceed 44 trillion yen." >> Observe the challenges of Mr Hatoyama's revitalization plan Japanese media believe that Fujii in the Hatoyama regime occupies an important position, Hatoyama let Fujii as finance minister is valued his rich experience, and has relied on him.　　Therefore, Fujii's resignation will be a major blow to the Hatoyama regime, and will inevitably affect Hatoyama's hope for the early passage of the 2009 second supplementary budget and the 2010 budget in the congressional review. Some analysts point out that the majority of Democrats are relatively young and lack such strong leadership as Fujii.　　Now that the cabinet's approval ratings are low, some of the stimulus packages could not be approved by Congress if they lose their powerful "hands".　　In addition, the Hatoyama cabinet this summer is about to usher in the Senate midterm elections, if the Democratic Party defeat, in pushing the Senate to pass the bill will encounter a big increase in resistance. In this delicate period, it would be a challenge for Fujii successors to be as proficient in finance and seniority as he is, and able to resist the sound of the stimulus package.　　In other words, the Japanese government may have suffered a "major setback" for Fujii's resignation. The Japanese government is worried that the Japanese economy could fall back into recession this year because of reduced pay and continued deflation, which has lowered the appetite for consumption. Mr Hatoyama has said the government's "top priority" this year is to revive the economy through its fiscal year budget.　　　　Some Japanese media have even predicted that with the Fujii resignation as the fuse, as the opposition and the two sides in Congress, the Japanese political situation may be again. >> comments Japan's finance and fortune, Japan's financial, 5th, "poor health" to resign.　　At the age of 77, Fujii is one of the most important government departments in the forefront of the fight against the recession.　　Equally "poor" is Japan's economic and fiscal position.　　Under Fujii, the Japanese government passed the 2010 budget last December, with both budget and debt issuance at all-time highs, and the new issuance was the first to exceed the same period since the end of the Second World War.　　After the budget was passed, Fujii was hospitalized, not by association, and the Economic and financial "poor" might be the reason for crushing the Misasa veteran. Japan's economic experience from 1992 to 2003 the so-called "Lost decade", by virtue of China and other emerging markets "special", ushered in a long period of prosperity. The financial crisis that originated in the United States in 2008 has hit Japan's economy again.　　In the second quarter of last year, Japan's economy was growing, but the pace of recovery was slow, constrained by factors such as the appreciation of the yen, debt inflation and fiscal deterioration. In this crisis, the major economies have invariably pursued a positive fiscalPolitical policy and easy monetary policy, Japan is no exception. But the BOJ has long implemented a 0 interest rate policy, with limited space for monetary policy manoeuvre.　　Neither the LDP government nor the democratic government, which took office last September, can only continue to anticipates the debt-spending route. Japan's finance ministry predicts that by the end of fiscal year 2010, Japan's central and local governments will accumulate debt balances equivalent to 181% of GDP in the same fiscal year, with debt ratios at the top of developed countries.　　On the head, each Japanese carries about $70,000 trillion in debt. The Japanese government hopes to repair the deficit balance sheet after the global economic recovery. Once hope fails, the huge debt is feared as an unbearable burden for the economy and the people's livelihood.　　And some Western economists have warned that, after the crisis, the world economy will not be expected to return to the model of the main driving force of American consumption. Interestingly, some Wall Street hedge funds began to look at the Japanese government bonds, the real view of Japan's economic recovery prospects.　　Bloomberg News critics have made a bold prediction that Japan will "lose ten years". Japan's "lost decade" has become a classic lesson in economics and public finance, "The descendants of the grief without reference to the future generations to mourn." AP Feng Wuyong Xinhua News Agency