Japanese Finance Minister Shioichi Vakagammas resigned today, after an appearance at a G-7 Press confrence Saturday where he appeared like he was well smashed off his ass quite frankly. The now resigned Finance Minister denied he was drunk and instead said that he just “had too much medicine”. Somebody make sure Tim Gietner stays away from the liqour cabinet and beer bong parties.
But even if Vakagammas wasn’t downing a few, one can certainly see why he would. The fourth quarter numbers of Japan’s GDP contracted by 3.3% from the economic quarter before. The economic recession is not affecting the United States alone. In this age of free trade, outsourcing, technology, and it being eaiser to do bussiness that transcends borders then ever before, Japan which is the second largest economy, is also being hit. Reports indicate that Japan is now seeing the worst economic turmoil since the early 1970s. The economic performance then would according to this statistic even surpass the Japanese econoimic crisis of the 1990s known as “the Lost Decade” where Japan saw dismal if really any economic growth.