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Edition: U.S. Article Comments (4) Save Email Print Reprints Most Popular Most Shared Asian stocks fall, yen dips as Japan PM quits | Video 3:03am EDT WRAPUP 1-BP embarks on latest bid to capture gushing oil 1:00am EDT Japan PM quits before election 1:46am EDT Hole opens in Guatemala neighborhood, 3 missing 23 Feb 2007 Blagojevich corruption trial may touch Obama 1:04am EDT Apple's Steve Jobs finds Foxconn deaths "troubling" 2:27am EDT Google phases out Microsoft Windows use: report 01 Jun 2010 BP embarks on latest bid to capture gushing oil | Video 1:06am EDT Al and Tipper Gore separating after 40 years of marriage | Video 01 Jun 2010 Butt test shows U.S. cigarettes high in chemicals 01 Jun 2010 Google phases out Microsoft Windows use: report 01 Jun 2010 Butt test shows U.S. cigarettes high in chemicals 01 Jun 2010 Japan PM quits before election 1:46am EDT Arizona governor to meet Obama on immigration 01 Jun 2010 UPDATE 4-Novo pulls drugs from Greece over price cuts 31 May 2010 Fallen bridges hamper Guatemala storm rescue | Video 01 Jun 2010 Urine test improves prostate diagnosis: study 01 Jun 2010 Hole opens in Guatemala neighborhood, 3 missing 23 Feb 2007 Chocolate may cut cholesterol but only in some people: study 01 Jun 2010 Asian stocks fall, yen dips as Japan PM quits | Video 3:03am EDT Japan PM quits before election Linda Sieg and Yoko Nishikawa TOKYO Wed Jun 2, 2010 1:46am EDT Factboxes Factbox: Possible successors to Japan PM Hatoyama Tue, Jun 1 2010 Factbox: Five facts about Japan PM frontrunner Naoto Kan Tue, Jun 1 2010 Factbox: Japan's "revolving door" prime ministers Tue, Jun 1 2010 Related News Instant Analysis: Japan PM Hatoyama quits ahead of poll Tue, Jun 1 2010 Japanese Prime Minister Yukio Hatoyama arrives at the parliament for a meeting with his ruling Democratic Party Secretary-General Ichiro Ozawa in Tokyo June 1, 2010. Credit: Reuters/Issei Kato TOKYO (Reuters) - Japanese Prime Minister Yukio Hatoyama and his powerful No.2 quit on Wednesday to try to boost the ruling party's faltering fortunes in an election next month, less than a year after sweeping to power with promises of change. World | Japan The political turmoil could delay efforts to thrash out plans due out this month to cut the country's public debt, which stands at nearly 200 percent of GDP, and a strategy to engineer growth in an aging society. But if, as many expect, fiscally conservative Finance Minister Naoto Kan takes the helm, that could raise the chances of bolder steps to rein in debt, including a pledge to consider raising the 5 percent sales tax. Hatoyama's Democratic Party of Japan (DPJ) made history with a landslide election win last year, promising to change how Japan is governed after more than 50 years of cozy ties among bureaucrats, companies and lawmakers under the Liberal Democrats. But after eight months of indecision and broken promises, the 63-year-old Hatoyama -- nicknamed "The Alien" for his quirky comments -- bowed to pressure from his party to quit ahead of an election for the upper house of parliament expected in July that it must win to smooth policymaking. An election loss would not oust the DPJ-led government given its majority in the more powerful lower house, but the ruling bloc needs a majority to keep legislation from being stalled. With tears in his eyes, Hatoyama told party lawmakers that he and party secretary-general Ichiro Ozawa would resign. "In order to revitalize our party, we need to bring back a thoroughly clean Democratic Party. I would like to ask your cooperation," Hatoyama said. Hatoyama's ratings had nosedived on voter doubts about his leadership, while the old-style image of Ozawa, seen as pulling strings behind the scene, had also eroded public support. FINANCE MINISTER KAN NEXT? Analysts have tipped Kan as frontrunner to replace Hatoyama, who becomes Japan's fourth straight leader to leave office after a year or less. A new leader will be chosen on Friday and a new cabinet is likely to be formed on Monday, quicker than many had feared. The yen slipped to 91.78 per dollar from around 91.10 on the news, before trimming losses. The Nikkei share average, which initially gained as the yen weakened, later turned down, and bond futures edged higher. The likely selection of Kan, who made his name battling bureaucrats during a stint as health minister, would be welcome by investors and voters worried about Japan's public debt, although lawmakers up for re-election will probably be cautious. "Whether he gets his way at this juncture is hard to tell," said Koichi Nakano, a Sophia University professor. The short-tempered Kan has in the past pressed the Bank of Japan to do more to fight deflation and been positive about raising the 5 percent sales tax in the future to fund bulging social welfare costs. "If Finance Minister Kan takes over, it would be welcome news for the JGB market because Kan is more proactive about fiscal discipline and about raising the consumption tax than any other cabinet minister," said Hirokata Kusaba, economist at Mizuho Research Institute. Kan surprised markets earlier this year by saying he wanted the yen to weaken more and that most businesses were in favor of a dollar/yen rate around 95 yen. Since then he has mostly toed the ministry line that stable currencies are desirable and markets should set foreign exchange levels. The BOJ, which has called for a credible government plan to rein in Japan's huge public debt, is worried policy stalemate will delay fiscal reform. But the political vacuum will give the central bank breathing space and ease government pressure for further action on deflation, at least until after the election. ELECTION BOUNCE Some analysts said the change of the party's top two leaders would give the Democrats a boost before the election, but most expect the party and its small ally, the New People's Party, to still fall short of a majority in the lower house. "A big reason for the falling support was the Hatoyama-Ozawa duo," said Tsuneo Watanabe, a senior fellow at the Tokyo Foundation think tank. "Now that they have gotten rid of both, they can appeal to voters that they can govern better." Optimists say a new post-election coalition might even be more consistent on policies, such as the need to rein in debt. It was not clear if Hatoyama's departure would have any impact on the government's ambitious goal to cut greenhouse gas emissions by 25 percent from 1990 levels by 2020, more than triple the amount the previous government had proposed. Hatoyama took office in September with ratings of over 70 percent from voters hoping the party would make good on promises to cut waste, pry policy control away from bureaucrats, and put more money in consumers' hands to boost domestic demand. But doubts over his leadership skills helped erode the government's approval ratings, with one poll showing support at just 17 percent after he failed to keep a campaign pledge to move a U.S. airbase off Okinawa island in southern Japan. (Additional reporting by Tokyo bureau; Editing by John Chalmers and Alex Richardson) World Japan Comments See All Comments (4) | Post Comment Jun 01, 2010 9:40pm EDT If every politician had to quit because of broken campaign promises then we would have no politicians! But seriously, Japan is the 2nd (or 3rd) largest economy in the freaking world! They should get their act together.. charluca Report As Abusive Jun 01, 2010 10:35pm EDT Dear Reuters, Please update your stories to US site faster. Im trading currencies at EDT 10:00 wondering why JPY is collapsing and bloomberg has this story up for 20 minutes before its posted at the Reuters US site. Great place to confirm news but get up faster….Ill even send some viagra if need be. HFT_BOARD Report As Abusive Jun 02, 2010 3:02am EDT “But seriously, Japan is the 2nd (or 3rd) largest economy in the freaking world! They should get their act together..” Come on. The U.S. is THE largest economy in the world. Are they getting their act together? Think before you write. doctorjay317 Report As Abusive Jun 02, 2010 3:02am EDT “But seriously, Japan is the 2nd (or 3rd) largest economy in the freaking world! They should get their act together..” Come on. The U.S. is THE largest economy in the world. Are they getting their act together? Think before you write. doctorjay317 Report As Abusive See All Comments (4) 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. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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