japan-hit-by-perfect-storm

Japan hit by perfect storm

A stronger yen, record commodity prices and rising exposure to US subprime û can things get worse for Japan? Yes, the country could soon be without a central bank governor.
March 04, 2008
Just when a firm hand on the tiller is most important, that hand could be about to go missing. Toshihiko Fukui, the current Bank of Japan BoJ governor, is due to retire from his post on March 19, but the appointment of the governmentÆs candidate, deputy governor Toshiro Muto, is being stymied by the opposition party, the Democratic Party of Japan DPJ.

The obstruction could not have come at worse time for the incumbent Liberal Democratic Party government. On Monday, the dollar dropped to 102 against the yen, a three-year low. The Japanese currency was also within a fraction of its weakest-ever level against the euro. The stockmarket suffered in tandem, with the...
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