Asia Bizz: Japan PM Reshuffles Cabinet Members, Eyes To Improve Economy
The new elected Prime Minister (PM) of Japan, Naoto Kan has reshuffled most of the members in the cabinet and has also eyed in improving the Japanese economy. Mr. Kan is well aware of the current position of the Japanese economy, as the country is struggling with the economy and the Yen is soaring really high.
Reports state that the country needs to pull out from the public debt and raise more funds, without approaching the public. The only way to this is that they will be borrowing from their reserves, special accounts and surplus funds from the last years budget.
Finance Minister Yoshihiko Noda was re-elected once again on his post, as his ministry for the first time has intervened with nations currency, as the Yen was sold out in big stakes to halt the soaring of the currency in the global market. Japan is mostly relying on its export trade and that it needs to keep up by controlling the yen or else the exports will be shunned.