What Does Fukuda Election Mean for the Yen?

At the ripe old age of 71, Yasuo Fukuda is becoming the next Prime Minister of Japan taking over the leadership of the ruling Liberal Democratic Party from the much younger but far more beleaguered Shinzo Abe. Mr. Abe resigned his post suddenly amidst deep voter dissatisfaction after suffering from physical exhaustion.


What Does Fukuda Election Mean for the Yen?

At the ripe old age of 71, Yasuo Fukuda is becoming the next Prime Minister of Japan taking over the leadership of the ruling Liberal Democratic Party from the much younger but far more beleaguered Shinzo Abe. Mr. Abe resigned his post suddenly amidst deep voter dissatisfaction after suffering from physical exhaustion.

Mr. Fukuda’s father was the Prime Minister of Japan in the 1970’s and the Fukudas are the first father and son team to occupy the post in modern Japanese history. Mr. Fukuda himself was ambivalent about taking on the position. "I didn't think Japan should have father-and-son prime ministers and I didn't want any part in making that happen," he said. But the crisis within LDP made him change his mind.

The LDP has ruled Japan for all but 10 months during its post war period and is, on the one hand, credited with bringing enormous stability to the country but on the other criticized for its unresponsive, institutional cronyism which many analysts believe has exacerbated Japan’s economic problems by favoring party interests ahead of voter needs.

Source: http://www.dailyfx.com

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