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Japanese Finance Minister wins leadership race


16:41, August 30, 2011

BEIJING, Aug.30 (Xinhuanet) -- Japanese Finance Minister, Yoshihiko Noda, has been selected as the new leader of ruling Democratic Party of Japan. This paves the way for him to become the next Prime Minister. He faces economic woes in the form of a resurgent yen and a public debt crisis. He also has to deal with the humanitarian and ecological aftermath from the March 11th earthquake, tsunami and nuclear crisis.

It took two rounds, but he made it. The 54-year-old Yoshihiko Noda wins the DPJ leadership contest. All that remains is to be formally voted in by parliament on Tuesday to become Japan's sixth Prime Minister in 5 years.

But the challenges he faces are no easy task. A resurgent yen threatens exports. Solutions need to be found to implement the new energy policy passed by his predecessor. Funds are lacking to rebuild the country after the worst nuclear disaster since Chernobyl. But first of all, with Japan's debt double the size of its economy, the DPJ hopes Noda will push for new taxes.

Yoshihiko Noda, Leader of DPJ Party, said, "There has to be a debate about what type of tax to implement, and what sort of time scale to implement it in, as well as its effect on the economy. "

Japan now seems most concerned with the country's economic recovery. Noda says he will towards that, but refuses to hold a snap election.

Noda said, "I don't think it's possible to dissolve parliament at the moment. Recovery and rebuilding is needed in the wake of the disasters. Everyone needs to do their jobs and work to get things done."

Noda should be officially named Prime Minister on Tuesday and is expected to announce his Cabinet later this week. He emphasizes he is not a telegenic "goldfish", but would look to fulfill the promises made by the Democratic Party when it swept to power in 2009.


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