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Moody's cuts Japan rating, blames politics By Rie Ishiguro | Reuters TOKYO (Reuters) - Moody's Investors Service cut its rating on Japan's government debt by one notch to Aa3 on Wednesday, blaming a build-up of debt since the 2009 global recession and revolving-door political leadership that has hampered effective economic strategies. Japan is preparing to elect its sixth leader in five years to replace unpopular Prime Minister Naoto Kan, under fire for his handling of the response to a March tsunami and subsequent radiation crisis at a crippled nuclear power plant. The downgrade, while not out of the blue, served...

Kan raps Tokyo Electric's handling of nuclear crisis TOKYO, March 15, Kyodo Prime Minister Naoto Kan on Tuesday strongly criticized Tokyo Electric Power Co. for its handling of the earthquake-stricken Fukushima No. 1 nuclear power plant. ''The TV reported an explosion. But nothing was said to the premier's office for about an hour,'' a Kyodo News reporter overheard Kan saying during a meeting with executives of the power company at its head office. ''What the hell is going on?'' Kan strongly ordered the company not to withdraw its employees from the power plant, which has been facing a series of...

The appointment of Naoto Kan as Japan’s newest prime minister has been greeted by a general yawn overseas. The revolving door procession of yet another new man on the job following the quick exit of his predecessor after a mere eight months in office has inevitably left many bewildered and cynical about Japanese politics. The observation by a former German leader that it was hardly worthwhile getting to know whoever might be the Japanese premier of the month has been thoroughly confirmed by Yukio Hatoyama’s short and unhappy experience at the top of the greasy pole. Clearly Mr Nice Guy...

Japan's parliament elected outspoken populist Naoto Kan as prime minister Friday, handing the political veteran the immediate task of rallying his party and reclaiming its mandate for change before elections next month. Kan succeeds Yukio Hatoyama, who stepped down Wednesday after squandering the public's high hopes with broken campaign promises, including moving a U.S. Marine base off Okinawa island, and financial scandals.