Japanese Prime Minister Yukio Hatoyama resigns

Japan's centre-left Prime Minister Yukio Hatoyama resigned Wednesday amid a row over an unpopular US airbase in Okinawa. It is just nine months since he was swept to power in a landslide election win. 

Reuters

In the past few months he has seen his approval ratings slip from 70 percent when he took office to 20 percent before handing in his resignation.

The 63-year-old millionaire, dubbed "Japan's Kennedys", quit at a meeting of his Democratic Party of Japan (DPJ), blaming the base dispute and political funding scandals.

"I will step down," an emotional Hatoyama told party lawmakers at a special meeting in parliament, while also vowing to "create a new DPJ".

Finance Minister Nato Kan has since announced that he will be running to take over from Hatoyama as party leader. "I met the prime minister and informed him about my intention of
running for the party's presidential election scheduled for the day after tomorrow," said the 63 year old.

The party plans to vote for a new leader on Friday, and most observers see Kan as the frontrunner for the post.

On Monday the new premier is expected to give a policy address and formally launch his
new cabinet, said the DPJ.