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Japan's Prime Minister announces resignation

Embattled Japanese Prime Minister, Yoshiro Mori, has formally tendered his resignation as prime minister and Liberal Democratic Party president.

As Peter Martin reports, the move comes just as his coalition puts the final touches to its economic revival package.

Yoshiro Mori has told his Cabinet he's made up his mind to step down" in order to help Japan deal with mounting domestic and international tasks. There'll be an election for his successor on April 24th. The economic revival leglislative program agreed on today will require Japan's banks to sell or write off all of their bad loans within two years. The total is thought to exceed two hundred billion Australian dollars. As well they'll be required to dispose of many of the shares they hold in non-bank companies. A government-guaranteed organisation will be set up to buy the excess shares from the banks. Peter Martin, Tokyo.

6/04/01 22:06:26 | ABC Radio Australia News

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