(Japanese PM) Kan Signals He’ll Step Down After Post-Quake Japan Crisis

Source: Bloomberg News

Japan’s Prime Minister Naoto Kan signaled he’ll resign once a solution to the nation’s post- earthquake crisis is in sight, in an appeal to ruling party lawmakers to reject a no-confidence vote today.

Today’s motion could attract enough support within his Democratic Party of Japan to pass, requiring Kan either to call new elections or resign within ten days. Rising discontent over his handling of the March earthquake that precipitated the worst nuclear disaster in 25 years has emboldened opposition lawmakers to force the vote.

“I’d like to pass on my responsibility to a younger generation once we reach a certain stage in tackling the disaster and I’ve fulfilled my role,” Kan said in a nationally televised meeting of DPJ lawmakers ahead of today’s vote. “Until then I want to fulfill my responsibility with you. I ask you to unite and reject the motion.”

The possibility of yet another change in government has rattled markets, adding to concerns over the nation’s debt burden and sending bond yields up. Even if Kan survives the vote, the lack of ruling party unity may leave his government paralyzed amid the country’s biggest crisis since World War II.

Read more: http://www.bloomberg.com/news/2011-06-01/kan-ouster-risk-rises-as-no-confidence-vote-may-see-ruling-party-divided.html

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PB

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