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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Japan's finance minister quits over G7 debacle AFP - Wednesday, February 18 TOKYO (AFP) - - Japan's finance minister quit Tuesday after triggering a political storm over his apparently drunken behaviour at a meeting of world powers on the global economic crisis. ADVERTISEMENT Shoichi Nakagawa , a close ally of unpopular Prime Minister Taro Aso, was incoherent and slurred his speech at a news conference on Saturday after the Group of Seven talks in Rome, prompting calls for his sacking. "I caused a lot of trouble due to my drinking. Considering my condition, I'm not in a mood to drink alcohol right now. There are many things I have to reflect on," Nakagawa told reporters after stepping down. He said earlier he had sipped some wine with lunch but blamed jet lag and cold medicine for his drowsiness. Nakagawa, 55, said he would voluntarily check into hospital to rest after being diagnosed with a cold and fatigue. The debacle could hardly have come at a worse time for Aso, whose popularity had already slumped below 10 percent according to one poll, battered by concerns over his handling of the economy and repeated gaffes. "The resignation will have an enormous impact on the Aso cabinet," said Susumu Takahashi, a professor of politics at the University of Tokyo. "The cabinet's remaining days are numbered. The focus has shifted to who will succeed Aso," he said. Nakagawa initially said he would leave the post after key budget bills clear parliament, expected in the coming weeks. But the pressure for him to go was too great and hours later he had submitted his immediate resignation, forcing Aso to change finance ministers in the midst of a deepening recession in Asia's biggest economy. "He has been doing a good job as finance minister," Aso said. "I thought I had picked an excellent person, but I feel responsibility for the appointment considering everything, including his health." The premier said he had chosen economics minister Kaoru Yosano, a free-market advocate, to take the additional post. Nakagawa has made no secret about his fondness for drinking, telling reporters on Monday: "I think I can hold quite a bit" of alcohol. The Fuji tabloid quoted the minister as saying in an interview that he had downed three or four gin and tonics on the plane to Rome, followed by two glasses of wine with dinner Friday and two or three more gins afterwards. The opposition submitted a censure motion against Nakagawa, while even some fellow cabinet members openly criticised the minister. "Looking after one's own health condition is part of the responsibility of a politician," health minister Yoichi Masuzoe said. Television footage of the press conference was shown on the national news on the same day that official data showed Monday that Japan's economy shrank at the fastest pace in almost 35 years in the last quarter of 2008. His resignation sent ripples through financial markets as the Nikkei stock index slid to its lowest level in more than three months. "His resignation undermines Japan's international credibility, which is already viewed negatively by investors," said Daisuke Uno, chief market strategist at Sumitomo Mitsui Banking Corp. Nakagawa, a former trade minister, was picked for the finance post in September when Aso took office. Nakagawa's father, who was also a ruling party heavyweight, was found dead in 1983 in a hotel room. The death was later ruled to be suicide. The ruling Liberal Democratic Party has been in power for almost all of the past half century but its grip on power has weakened and Japan has had three premiers since late 2006. Aso must call a general election by September. 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