The latest update in this news-heavy night is that Japan's unpopular Prime Minister is out, after tellng his cabinet ministers that they have about one more week before packing up and looking for new jobs. As Reuters reports "The ruling Democratic Party of Japan is planning to pick a new leader on Aug. 29, setting the stage for parliamentary confirmation of a new premier and the selection of a new cabinet." We hope for the sake of the G7 that there is no massive crisis in the next 10 days, as a leaderless Japan will hardly provide confidence that any crisis can be circumvented. As for the Yen, it is hardly troubled and at last check was trading at 76.75 to the dollar. Not an all time record… but pretty close.

From Reuters:

Japanese Prime Minister Naoto Kan told his cabinet ministers on Tuesday that they are likely to resign on Aug. 30, Japanese Economics Minister Kaoru Yosano said on Tuesday.

The unpopular prime minister's comments effectively confirmed his intention to resign in coming days, clearing the way for Japan to select its sixth prime minister since Junichiro Koizumi ended a rare five-year term in 2006.

The ruling Democratic Party of Japan is planning to pick a new leader on Aug. 29, setting the stage for parliamentary confirmation of a new premier and the selection of a new cabinet.

Yosano also told a news conference that the government needs to devise steps to cope with the negative effects of the yen rise in the coming third supplementary budget for this fiscal year.