Japanese Economy Minister Resigns Over Bribery Claims

Japan’s Economy Minister Akira Amari has said he is resigning amid corruption allegations.

Mr Amari unexpectedly made the announcement at a press conference in Tokyo on Thursday.

But he again denied personally receiving bribes from a construction company, as had been alleged by a Japanese magazine.
The development will be seen as a significant blow for Prime Minister Shinzo Abe.

Mr Amari, who has been minister of state for economic and fiscal policy since late 2012, has been widely described as one of Mr Abe’s most trusted members of parliament.

As Japan’s lead negotiator for the Trans Pacific Partnership (TPP) agreement, Mr Amari was expected to travel to New Zealand next week to sign the agreement.

He was also regarded as the architect of Abenomics – Mr Abe’s plan to pull the world’s third largest economy out of deflation.
“This is possibly the biggest scandal the Abe administration has faced,” said the BBC’s Mariko Oi.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza