Bad Financial news out of Japan, both economy and finance minister sick.

[Silverbird]

TOKYO (CNN) -- Japan is grappling with its worst economic crisis since the end of World War II, the nation's economic and fiscal policy minister said Monday
http://money.cnn.com/2009/02/16/news/international/japan_gdp/index.htm?postversion=2009021605

Japan's finance minister at G7 gives rambling press conference, whether drunk (as his detractors are claiming) or ill (he claims it was cold medicine and sickness), it hardly inspires confidence! I saw a short clip on TV (sorry I can't find it on the internet, his face is red and his jacket is stained, and even with my limited Japanese ability I can tell he's definately rambling).
http://www.cnbc.com/id/29218123

 

[Silverbird]

Japan Finance Minister Resigns
http://www.nytimes.com/2009/02/18/world/asia/18japan.html?_r=1&th&emc=th

TOKYO — Japan’s finance minister resigned Tuesday after widespread criticism of embarrassing behavior at the weekend Group of 7 meeting in Rome.

The minister, Shoichi Nakagawa, raised eyebrows for slurred speech, muddled answers and appearing to fall asleep at a news conference in Rome on Saturday. A clip of Mr. Nakagawa in which he appeared to be groggy in front of journalists was posted on YouTube.

After intense criticism from politicians who said he had embarrassed Japan, Mr. Nakagawa stepped down on Tuesday, adding to the woes of a government that is facing a backlash for its handling of the economic crisis.....

 

[alevin]

Japan Finance Minister Resigns
http://www.nytimes.com/2009/02/18/world/asia/18japan.html?_r=1&th&emc=th

TOKYO — Japan’s finance minister resigned Tuesday after widespread criticism of embarrassing behavior at the weekend Group of 7 meeting in Rome.

After intense criticism from politicians who said he had embarrassed Japan, Mr. Nakagawa stepped down on Tuesday, adding to the woes of a government that is facing a backlash for its handling of the economic crisis.....

He's lucky he lives in the century he does. Other eras, if he's samurai heritage, he'd be committing seppuku for bad judgement, even if he really was sick. Hope they pull through this mess.

 

[Silverbird]

Actually, it's the modern equivalent of Seppuku (even called that from what I understand). He'll never get a high profile job again, execs who embarass their companies can go from exec to homeless wanderer in a matter of months. He's the equivalent of a walking ghost. Unlike in the U.S. if your idea goes to pot, if you are in charge you have to resign, and you're considered bad goods forever and no one wants you around. BTW, so far it seems to only apply to men, if a woman makes a business mistake, it's sort of considered to be she made a mistake in her hobby - so a substantial percentage of entrepreneurs in Japan are women because oddly, they are allowed culturally take the risk.

It's one of the reasons Japan doesn't lead in basic research, failure is hard to escape.

 

[Silverbird]

BTW, not sure if the exact word "seppuku" is used in the slang term for "resignation out of corporate embarassement". Don't use it unless you find out exactly what the slang term is (all I know it's one of the "suicide" words, all of which you have to be careful with).