Hatoyama tops Cabinet list in family assets

Prime Minister Yukio Hatoyama has the most family assets of any of the 18 Cabinet members, documents submitted by them show.

Hatoyama's family assets came to ¥1.443 billion, followed by Mizuho Fukushima, state minister for consumer affairs, with ¥249.99 million, the documents said. Fukushima heads the Social Democratic Party, one of the partners of Hatoyama's Democratic Party of Japan-led ruling coalition.

Assets declared by Cabinet ministers and their immediate family members averaged ¥140.44 million, slightly down from the record ¥141.28 million declared last year by the Cabinet of Hatoyama's predecessor, Taro Aso of the Liberal Democratic Party.

Health, Labor and Welfare Minister Akira Nagatsuma reported no assets of his own.

Hatoyama is the grandson of first LDP president and former Prime Minister Ichiro Hatoyama, while his mother is the daughter of the founder of Japan's top tire maker, Bridgestone Corp.

In last year's disclosure of Cabinet members' assets, Hatoyama's younger brother, Kunio, then internal affairs and communications minister, ranked No. 1 with more than ¥700 million.

Five of the Hatoyama Cabinet reported more than ¥100 million in family assets.

Among Hatoyama's assets are more than ¥1 billion in financial assets, including nearly ¥900 million in time deposits. Hatoyama owns a home in Tokyo's Ota Ward and a villa in the summer resort of Karuizawa, Nagano Prefecture. His assets also include 3.5 million Bridgestone Corp. shares.

Family assets subject to disclosures include real estate, deposits and securities held by the politicians, their spouses and children financially dependent on them.

Land and buildings are declared in terms of assessed value for real property taxes, while government bonds and other securities other than stocks are reported at face value.

Stockholding disclosures do not cover market value and are limited to the names of the issues and the number of shares, as par-value stocks were abolished in 2001.

Financial experts said Hatoyama's family assets may reach ¥9 billion if stocks and other securities holdings are assessed at market value.

Of the ¥249.99 million in family assets declared by Fukushima, half are time deposits, which she earned as a lawyer before gaining her Upper House seat in 1998. Her assets include ¥122.65 million held by her common-law husband, who is also a lawyer.

Finance Minister Hirohisa Fujii ranked third with ¥202.13 million, most of which consists of estates he holds in Tokyo, Kanagawa and Gunma prefectures.

Financial Services Minister Shizuka Kamei, who heads Kokumin Shinto (People's New Party), the other partner in the ruling bloc, ranked fourth with ¥187.44 million. Kamei also declared ¥6.18 million in borrowings.

Two ministers declared less than ¥10 million in family assets. Defense Minister Toshimi Kitazawa's assets came to ¥6.09 million. Health minister Nagatsuma's family assets stood at ¥8.91 million in postal savings held by his relatives.