minister of finance resigns
Friday, November 27, 1998
Volume 3 No: 845 Issued: 10:00 a.m. JST
Stocks Open Flat Amid US Holiday;Miyazawa Not A Factor
TOKYO (Dow Jones)-The Nikkei 225 average is fluctuating between positive and negative territory early Friday amid a lack of fresh market-moving news and the Thanksgiving holiday in the U.S.
At 0039 GMT (7:39 p.m. EST Thursday), the average was down 72.52 points at 15,135.25. The near-term December Nikkei futures contract was down 20 points at 15,140.
Wall Street was closed Thursday for the long Thanksgiving weekend.
Traders said local media reports that Finance Minister Kiichi Miyazawa plans to step down as minister and head of his political faction by the end of this year aren't having much impact on the stock market.
"Miyazawa's job was to stabilize the financial system", by getting a law passed that would allow for banks to receive public fund injections, said Yasuo Ueki, general manager at Nikko Securities.
Having accomplished that, "his job is done," Ueki said.
Kyodo news agency, quoting unnamed sources in the faction, said Miyazawa, 79, had informed close associates of his decision.
Nikkei news service said Miyazawa would resign after completing the budget process. Passage of an extra budget is expected next month.
Questioned by reporters, Prime Minister Keizo Obuchi replied that he hadn't heard anything definite on the subject.
|
