video Japanese prime minister announces resignation

The embattled Japanese Prime Minister, Naoto Kan, has decided to resign due to falling public support and the fact that he has passed two key pieces of legislation that he said needed to be passed before he would resign. The two pieces of legislation, one relating to reconstruction due to the March earthquake in Japan and the other having to do with bond bill for financing the country's deficit. The Prime Minister's party, The Democratic Party of Japan, we hold elections for a new leader who will then become the next Prime Minister of Japan. After his resignation, the country of Japan will have had six prime ministers in five years and the new prime minister is expected to face many challenges particularly reconstruction after the earthquake and the high levels of debt that the country has. The country's credit rating was just downgrade by Moody's this week, due to the presumption that the prime minister would resign.