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Japan PM Abe announces resignation

12 September 2007 09:22 (UTC +04:00)

Japanese Prime Minister Shinzo Abe on Wednesday announced his resignation after just one year in office following a series of scandals involving his cabinet and a major election drubbing.
Abe said the government needs a â€˜new directionâ€™ and that it is important for the country to continue to push through reforms.
The PM has been in a fight for his political life as the resurgent opposition tries to block his reforms as well as legislation to extend a controversial military mission providing refueling support to US-led operations in Afghanistan.
Abe, an outspoken conservative and Japanâ€™s first premier born after World War II, took office less than a year ago with a popular, youthful image, but his public support has plunged over the scandals and gaffes by his ministers.
But his approval ratings nosedived amid a public perception that he lacked authority following a raft of scandals, including massive mismanagement of the pension system -- a sensitive issue in a rapidly ageing country.
Abe brought in party veterans to take up key positions in his cabinet after a major upper-house election defeat in July.
But just one week later his new farm minister resigned over financial wrongdoing.
The Nikkei zigzagged on the news, initially spiking higher when reports of the resignation first broke. It then fell, before recovering again once the official announcement was made. The index was last up 0.02 percent while the broader Topix was up 0.2 percent./APA/