Finance Minister Naoto Kan has been nominated to lead the Democratic Party of Japan, and is expected to be confirmed as the new Prime Minister within hours. His predecessor, Yukio Hatayama, only held the post for 8 months before his resignation on Wednesday.
Kan has already gone on record as saying he cannot fix Japan’s problems overnight, but nevertheless Japanese stocks and the Nikkei index are expected to rise on the news. It is hoped that his administration will be “pragmatic.” Having made his name uncovering a health scandal rather than within a family of politicians, he is described as “sharp-tongued and battle ready,” the first being an unusual asset in Japan, where the downright impossible is described as “difficult.”