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Strategies & Market Trends : JAPAN-Nikkei-Time to go back up?
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To: Steve Tauscher who wrote (1248)7/12/1998 11:02:00 AM
From: Lucretius  Read Replies (1) of 3902
 
Sunday July 12, 8:27 am Eastern Time
Japan PM Hashimoto to quit soon--Kyodo
TOKYO, July 12 (Reuters) - Japanese Prime Minister Ryutaro Hashimoto, whose ruling Liberal Democratic Party suffered a major setback in Upper House elections on Sunday, will resign shortly, Kyodo news agency reported.
Kyodo quoted an official of the LDP as saying Hashimoto would announce his intention to step down on Sunday night or Monday.

Initial exit polls on all major television stations forecast the LDP would win fewer than 50 seats, at least 11 less than its minimum target of 61, in the Upper House elections.

The election was for half of the 252 seats in the House of Councillors, the less-powerful of the two chambers in Japan's parliament.

Japanese television networks earlier reported that Hashimoto will meet Chief Cabinet Secretary Kanezo Muraoka from 9.30 p.m. (1230 GMT) over the ruling party's election setback.

''He'll announce he's stepping down tonight or tomorrow. It's just a matter of time.'' the LDP source was quoted as telling Kyodo.

The election for the Upper House, normally decided on local issues, cannot unseat the LDP itself, but it became a referendum on Hashimoto's handling of the world's second-largest economy.

The LDP has a comfortable 13 seat majority in the more-important Lower House. Hashimoto himself was not up for re-election.

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