Japan’s economy dropped an astonishing 12.7% on an annualized basis for the fourth quarter of 2008.  Meaning that it declined 3.3% for the fourth quarter alone.  This is, of course, bad news.

I understand the need to drown your sorrows in these tough times, but Japan’s Finance Minister didn’t have to get himself totally hammered at a G7 meeting in Rome over the weekend.  Not that I don’t feel sorry for the guy, but YouTube video here

Well, in a likely response to the “allegations” that he was drunk, Finance Minster Shoichi Nakagawa announced today that he will resign rather than commit seppuku.