On Monday, June 8, Naoto Kan formally became the prime minister of Japan. The former finance minister took the reigns from Yukio Hatoyama, who stepped down last week following popular outcry over a U.S. air base.
With Prime Minister Kan in office, good vibrations are beginning to surface. Political leaders have backed the former finance minister, voting by an overwhelming majority in the weekend election. Of the 477 lawmakers voting, 313 voted in favor of Kan. The public is also widely supportive of their new leader. Since the election, Kan's Democratic Party of Japan administration has garnered a 44% approval rating in public opinion polls. The figure is a vast improvement from the less than 20% enthusiasm witnessed under Hatoyama's government.
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The Surprising Beneficiary of China’s Global Land Grab
On Thursday, June 10, China announced yet another investment in a global partner. Going where traders and investors no longer dare to venture, the Chinese are making investments in Greece – putting money into the country's ports, to be exact.
While it may sound like a surprise move, it's just China's latest investment play around the world, following investments in countries like Venezuela and Africa over the last year or so. The deal has many in the market wondering which country will be next in line to benefit from the country's deep pockets. So it makes sense to examine the transaction a little closer, because it does have specific implications for the foreign exchange world.
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