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Japanese Prime Minister To Step Down

Ichiro Ozawa, secretary-general of Japanese Prime Minister Yukio Hatoyama’s party, asked Hatoyama to step down from his post, Yukio Ubukata, vice secretary- general of the party said in a TV Asahi program today. Ubukata said he expects both to resign before an upper house election next month. Hatoyama refused to resign during a meeting of senior party officials yesterday, Kyodo News reported.

As this action will likely lead to Yen weakness, and thus Euro strength, the most likely result will be a green close for the Nikkei, once again indicating that politically destabilizing fundamentals don’t matter to C++.

Updated at 7:20/2nd June/Baroda

A little European Geography lesson

“Spain is not Greece.” Elena Salgado, Spanish Finance minister, February, 2010.

“Portugal is not Greece.” The Economist, April 2010.

“Greece is not Ireland.” George Papaconstantinou, Greek Finance minister, November, 2010.

“Spain is neither Ireland nor Portugal.” Elena Salgado, Spanish Finance minister, November 2010.

“Ireland is not in ‘Greek Territory.’”Irish Finance Minister Brian Lenihan. November 2010.

“Neither Spain nor Portugal is Ireland.” Angel Gurria, Secretary-general OECD, November, 2010.

“Spain is not Uganda” Spanish PM Rajoy. June, 2012.