Word: aso
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...drunk, has been painfully public on the YouTube video of a G7 press conference in Rome last week. Today, it finally cost him his job. At a press conference in Tokyo, he resigned from his cabinet post, delivering yet another blow to the administration of Prime Minister Taro Aso as he struggles to keep control of his party and deal with the country's ever-worsening economic crisis...
...economy contracted last quarter at an annualized rate of nearly 13%, exports were down nearly 14%, and that more layoffs are on the books for Japan Inc. But economists and experts predict the ramifications of Nakagawa's resignation won't be economic, but political. In a recent poll, Aso's support rate was 9.7% and many say he is teetering on losing control of the Liberal Democratic Party. "[The economy isn't] going to be better or worse because he's gone," says Robert Dujarric, director at Temple University's Institute of Contemporary Japanese Studies. "But this is one more...
...word - and video - of the embarrassing incident got out, Nakagawa also stole positive attention away from this week's historic visit from U.S. Secretary of State Hillary Clinton to Japan. Nakagawa's press conference Tuesday nearly coincided with the briefing that announced the invitation that Clinton extended to Aso to be the first foreign leader to visit the White House under President Barack Obama's administration. "The opposition party is looking to make an opportunity out of this big mistake," says Credit Suisse chief economist Hiromichi Shirakawa. Shirakawa says that if there were economic implications of Nakagawa's resignation, they...
...Aso must call a general election by September, and one could come as early as April. But as his approval ratings plummet, speculation is increasing that he will be forced to step down soon. "There's no optimistic short-term scenario for Japan," says Curtis. "The economy will get worse. Politics will get worse. That's the cruel reality of Japan today." And that means Aso's support rating can only get worse. "It's too late for Aso to turn it around," Curtis says. "He'll lose a point a week and by early March he'll be down...
...Curtis adds that if Aso resigns, the LDP would need to find someone to lead the party into the general election. "But who wants that job now when they know they're going to lose the next election?" Curtis says. "Either way, you have to assume the chances are very good that the LDP will get absolutely blasted in the next election and that the [opposition Democratic Party of Japan] will come to power," he says...