Japan's Finance Minister Resigns After Loopy Press Conference

After appearing drunk at a G7 press conference, Japanese Finance Minister Shoichi Nakagawa has resigned. Nakagawa claimed he was merely on medicine, not drunk, but, he said, “I decided that it would be better for the country if I quit.”  He also admitted sipping wine before the press conference.

We don’t know whether his performance was resign-worthy, but this does live up to the stereotype of Japanese have both a deep sense of honour and shame (and binge-drinking). But we can think of leaders in finance in the US who have done stuff way more egregious than one bad press conference that have hung around much, much longer.

So for Japan, whose GDP is down 13% y-o-y, and is getting pummelled by a soaring Yen, replacing their Finance Minister is just one new problem.

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