Tuesday, February 17, 2009

Japan’s Finance Minister to Resign Following Charges of Being Drunk at G7

Japanese finance minister Shoichi Nakagawa repeated on Tuesday that he had not done more than sip some wine before the news conference at the end of the Group of Seven meeting of finance leaders in Rome on Saturday, where he seemed to slur his words and at one point fell asleep.

He said cold medicine had affected his behaviour and he would submit a doctor’s note about the drugs he took on the trip.

However, opposition pressure has forced him to announce his resignation.

Following the U.S. lead, Japan's Prime Minister Taro Aso is trying to enact an extra budget for the fiscal year ending on March 31 as well as a record Y88,500bn ($965bn) budget for the year to March 2010.

Nakagawa at the G7:

A trader friend notes, "Big deal,Geithner was just as incoherent delivering his bailout speech and he wasn't drinking."

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