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Edition: U.S. Article Comments (0) Slideshow Video Save Email Print Reprints Most Popular Most Shared BP inches ahead in latest bid to control oil spill | Video 1:21am EDT Israel calls Gaza blockade critics "hypocrites" | Video 1:53am EDT China delays Gates trip in apparent snub for Taiwan 02 Jun 2010 Caffeine addicts get no real perk from morning cup 02 Jun 2010 WRAPUP 1-BP inches ahead in latest bid to control oil spill 1:19am EDT SCENARIOS-The future for BP after the oil spill 1:01am EDT Powerful Cyclone Phet barrels toward Oman 02 Jun 2010 Asian stock jump after U.S. data | Video 3:02am EDT AT&T to end unlimited use mobile data plan 02 Jun 2010 Hole opens in Guatemala neighborhood, 3 missing 23 Feb 2007 Costa Rica shuts stem cell clinic 02 Jun 2010 Caffeine addicts get no real perk from morning cup 02 Jun 2010 Iran to sell 45 bln euros, buy dollars, gold -Xinhua 02 Jun 2010 AT&T to end unlimited use mobile data plan 02 Jun 2010 Burger diet linked to higher childhood asthma risk 02 Jun 2010 Israel calls Gaza blockade critics "hypocrites" | Video 1:53am EDT 2010 hurricane season seen more active than feared 02 Jun 2010 Facebook CEO says no date in mind for IPO 02 Jun 2010 Obama extends benefits for gay federal employees 02 Jun 2010 Vitamin E linked to less of the skin disease eczema 28 May 2010 BOJ warns on public debt as Japan seeks new PM Linda Sieg and Leika Kihara TOKYO/WAKAYAMA Thu Jun 3, 2010 3:04am EDT Factboxes Factbox: Japan's "revolving door" prime ministers Tue, Jun 1 2010 Factbox: Policy implications of change of Japan leadership Wed, Jun 2 2010 Factbox: Possible successors to Japan PM Hatoyama Wed, Jun 2 2010 Related News Japan ruling bloc has shot at election majority: MP 1:24am EDT Japan's Kan would be more pragmatic premier Wed, Jun 2 2010 Related Video Japan PM to resign Wed, Jun 2 2010 Business Update: PM news hits yen Tue, Jun 1 2010 U.S. marines conduct drill in Japan Tue, Jun 1 2010 Business Update: PM news hits yen U.S. marines conduct drill in Japan 1 / 6 Japanese Prime Minister Yukio Hatoyama (C) arrives at his official residence in Tokyo June 3, 2010. Credit: Reuters/Issei Kato TOKYO/WAKAYAMA Japan (Reuters) - A Japanese central banker warned on Thursday that market turmoil from Europe's debt woes could hurt growth and urged the government to fix its tattered finances, as the ruling party raced to pick Japan's fifth premier in three years. World | Japan Japan's ruling Democratic Party will vote on Friday to pick a new leader after unpopular Yukio Hatoyama abruptly quit this week after just eight months in office to improve the party's chances in a July upper house election that the ruling bloc needs to win to avoid policy deadlock. Investors worry that the political chaos could delay efforts to thrash out plans, due out this month, to cut a public debt already twice the size of Japan's GDP and to craft a strategy to engineer economic growth in an aging society. Finance Minister Naoto Kan, a fiscal conservative, is the front-runner to replace Hatoyama, although a relatively unknown lawmaker, Shinji Tarutoko, also said he would run. Party powerbroker Ichiro Ozawa will play a key role in determining if the 63-year-old Kan, a former party leader with considerable clout, gets the job and what policies are adopted. Strong exports to Asia and stimulus-driven consumption helped Japan's economy grow 1.2 percent in the first quarter of this year, outpacing U.S. and European growth. But Bank of Japan board member Miyako Suda, the longest sitting member of the board, warned that fiscal problems in Europe would take a long time to fix, with the ensuing market turmoil and slowing euro-zone growth clouding Japan's economic outlook. That is the most pessimistic view from a BOJ policymaker to date. "Stock and currency markets are very unstable, and as a result not only Europe but also Japan may see a negative impact on consumption and capital spending via a worsening of household and business sentiment," Suda told business leaders in Wakayama, western Japan. TRUST IN THE GOVERNMENT A government survey released on Thursday showed that while annual declines in corporate capital spending narrowed in the first quarter, the pace of improvement was slower than economists expected. Suda also said she hoped whoever took over from Hatoyama, who quit on Wednesday just nine months after the Democrats swept to power in a historic election, would announce a medium- and long-term fiscal reform program as scheduled in June. "Regardless of who becomes the leader, I hope the government comes up with the plan," she said. "Otherwise, trust in the government's policy may be affected." Kan, a former health minister once known for battling bureaucrats, has forged an image as a fiscal conservative and occasional central bank critic since assuming the finance post in January. Him becoming premier could mean bolder steps would be taken to rein in the huge public debt. But Ozawa's role in the leadership race could affect how aggressively Japan's new leader tackles a debt already twice the size of the economy, since Ozawa opposes pledging a hike in the 5 percent sales tax before the upper house poll. "Whoever takes over, they cannot say they won't raise the sales tax, given the current national fiscal situation," Hajime Ishii, a party heavyweight close to Ozawa, told Reuters in an interview. "But we must avoid a situation in which by raising the sales tax, we dampen consumption and the economy worsens greatly," he said, adding the party would not adopt a clear stance on the timing or scope of any rise before the upper house poll. So far, only the 50-year-old Tarutoko, who heads the lower house environment committee, looks ready to challenge Kan. Not much is known about his views on economic policy but while Tarutoko is a former Ozawa critic, Japanese media said he now had support from some in Ozawa's camp. SHOT AT MAJORITY? Whoever wins the upper house vote, the Democrats will run the government by virtue of their huge majority in parliament's powerful lower house. But they need to win control of the upper chamber to avoid parliamentary deadlock. The DPJ's Ishii said the party and its small conservative ally, the People's New Party, now had a good shot at winning the upper house poll, enabling it to pass legislation smoothly. "We may fall short of a stable majority but in the remaining 40 days ... we want to make efforts to reach (that goal). It is possible," said Ishii, outgoing chairman of the Democrats' election campaign committee. BOJ's Suda said the central bank will maintain very easy monetary policy in an effort to pull Japan out of deflation. But she said central banks should not give markets the impression they could directly underwrite government debt, in a sign the BOJ was sticking to its reluctance to increase its outright government bond buying. With the economy in relatively good shape and the BOJ having already taken several steps to try to beat deflation, a new government might not put pressure on the bank soon for further easing. But a new leader could quickly turn up the heat on the BOJ if the economy takes a turn for the worse. The BOJ has kept interest rates at 0.1 percent, and eased monetary policy in December 2009 and again in March by setting up and later expanding a facility offering cheap funds to banks. It also outlined last month a new loan program aimed at encouraging banks to lend more to industries with growth potential. (Additional reporting by Yoko Nishikawa) World Japan Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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