With financial markets in a state of tumult, Finance Minister Yoshihiko Noda decided Tuesday to postpone the anticipated announcement of his candidacy to succeed Prime Minister Naoto Kan as president of the Democratic Party of Japan.
"It is a very critical time right now and the only thing for me to do is to fulfill my duties," he said. He denied he intends to resign immediately after a key bill that allows the government to issue deficit-covering bonds clears the Diet.
The finance minister was expected to announce his candidacy for DPJ president at a meeting of party allies Tuesday, but changed his mind after the Nikkei stock average opened sharply lower. Critics are likely to slam the reversal as adding to the confusion caused by the global market meltdown.