Fukushiro Nukaga

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Japan’s Finance Minister, Fukushiro Nukaga, told an Asian business conference there is a time bomb ticking in Asia due to dramatic rise in food prices. Other speakers echoed his warning. Indian Finance Secretary, D. Subba Rao, believes a rise in food prices of about 20% will create higher poverty in Asia. “In many countries that will mean the undoing of gains in poverty reduction achieved in the past decade of growth. The Asian Development Bank estimates about 20% of people in Asia are living on less than a $1.40 a day compared to 60% who lived that way in the 1960s. The dual monster ... Read Full Story

Japan’s Finance Minister Fukushiro Nukaga said it’s “very shocking” that ministry officials have been accepting gifts from taxi drivers and “severe punishment” will be issued. “Public officials are supposed to serve to the nation in a fair manner, and this kind of thing should never, ever happen,” Nukaga said at a press conference in Tokyo today. “It’s a very shocking incident.” The Ministry of Finance said yesterday that more than 300 of its employees were accepting gift vouchers, beverages or food when riding taxis. Ministry employees use taxis to return home when they miss the last train because of work. Tokyo’s train and subway ... Read Full Story