Japanese cabinet face baptism of fire

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A new cabinet was put together by Japanese Prime Minister Yoshihiko Noda yesterday as the country embarked on a new era.

However, serious questions have been realised already about the credentials of the new administration before they attempt to tackle numerous financial problems which now face the country.

A fresh spending package needs to be compiled as soon as possible in the wake of the devastating financial consequences of the recent earthquake.

In addition to this, the new cabinet will also be expected to deal efficiently with the issue of a particularly strong yen which is posing a serious threat to the export-led economy.

Both issues top the agenda of a defining period for the country which will make or break their reputation in the global financial sphere.

The choice of the relatively inexperienced Jun Azumi as Finance Minister is arguable the biggest gamble which the Prime Minister has taken.

The 49-year old Azumi has never previously held a senior cabinet position and Noda himself was only confirmed as Prime Minster this week after a divisive and intense leadership race that eventually came down to a run-off vote.

These circumstances are not the ideal starting point for an administration which faces some of the biggest economic challenges the country has seen for decades.

The Japanese public will hope that the new cabinet can deal with the financial consequences of the earthquake swiftly and decisively before addressing the numerous other issues which need to be tackled.

Transfer Money to Japan

If you are looking to invest in Japan, think carefully about how you will be transferring money to Japan. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Japan – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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