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Business fears fallout from political instability as 2 ministers quit(Japan Economic Newswire Via Acquire Media NewsEdge) Business leaders on Monday expressed their concern about growing political instability in Japan, as the newly appointed industry and justice ministers stepped down over money scandals less than two months after taking office. The timing of the resignations by Economy, Trade and Industry Minister Yuko Obuchi and Justice Minister Midori Matsushima is not favorable for Prime Minister Shinzo Abe, who has been touting his government as one which promotes opportunities for women in society. "The impact will be significant because the scandal involved the female minister who had drawn the most attention" within Abe's new Cabinet revamped in September, an executive of a major trading house said, referring to Obuchi, 40, daughter of former Prime Minister Keizo Obuchi. The resignations also come as Abe is dealing with a range of difficult economic issues, including deceleration in growth, a planned additional consumption tax hike next year and ongoing negotiations for the U.S.-led free trade talks under the Trans-Pacific Partnership initiative. "Any confusion in national politics is significantly negative at a time when (the government) must clearly explain Japan's position internationally over issues such as the TPP trade agreement," an executive of a large carmaker said. A senior official at a leading steelmaker showed some understanding toward Obuchi's resignation, while adding that the government must ensure that the scandal would not delay any discussion on whether the country would restart idled nuclear reactors once they are confirmed safe. "It is an urgent task (for Abe) to stabilize the government's footing," an executive of a major electronics maker said, while a senior official of a large retail-chain operator expressed concern that the scandals could cast a damper to the Abe government's initiative to promote women's social advancement. Obuchi resigned to take responsibility for alleged misuse of political funds, while Matsushima, 58, stepped down over her alleged violation of the election law by distributing paper fans to constituents, which could count as a donation banned under the law. (c) 2014 Kyodo News |