Zero Hedge reports:
Japanese Prime Minister Naoto Kan told his cabinet ministers on Tuesday that they are likely to resign on Aug. 30, Japanese Economics Minister Kaoru Yosano said on Tuesday.
The unpopular prime minister's comments effectively confirmed his intention to resign in coming days, clearing the way for Japan to select its sixth prime minister since Junichiro Koizumi ended a rare five-year term in 2006.
The ruling Democratic Party of Japan is planning to pick a new leader on Aug. 29, setting the stage for parliamentary confirmation of a new premier and the selection of a new cabinet.
Yosano also told a news conference that the government needs to devise steps to cope with the negative effects of the yen rise in the coming third supplementary budget for this fiscal year.
It's good news and bad... If history is any example, the next guy will be just as much of an idiot too.