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The resignation of Japanese prime minster Yukio Hatoyama just eight and a half months into his term – and the consequences for China – is being debated here online. Hatoyama, who made his announcement on Wednesday, became the fourth Japanese leader in four years to fail before his first year was up. He leaves Japan without a leader before a pivotal July election.

Hatoyama lead the Democratic Party of Japan to a landslide victory last August that ended nearly 50 years of one-party rule in Japan. One of his election promises was to reduce Japan’s independence on the US – and improve ties with longtime foe China.

The relationship between Tokyo and Beijing has improved. But Hatoyama failed to relocate a small US marine airfield off of Okinawa. He also became embroiled in scandal when it was revealed that his mother had given him $12 million which he had not paid tax on. 

Naoto Kan, Japan's Finance Minister is in pole position in the race to succeed Hatoyama.

After 8 Hong Kong tourists were killed during a hostage standoff in Manila on Monday, the Philippines tourism industry was hit with a blow. BON’s George Liu has more on how Chinese tourists are responding to the crisis.

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Now, as many countries in the West have been feeling the effects of the global economic downturn, there may yet be some good news on the horizon.

The US consulate general in Shanghai has announced predictions of a boost in Chinese tourists towards the US, which means the Chinese tourist dollar, may yet prove a boost to the flailing economy.

China UnionPay is speeding up the development of its overseas network, especially when more Chinese are going abroad. Recently there is a report about Visa banning the use of dual-currency cards that sports a Visa logo on UnionPay network overseas from August 1 ostensibly for data safety issues, which has been reported widely by Chinese media, and attract much attention here in China.

According to the report, VISA send a announcement to its member banks around the world, and said that if any bankcard services go into liquidation through China Unionpay network, they will get a fine of 50,000 dollars.

Visa Inc.,American Express Co. And MasterCard Inc. Have talked with U.S. Trade officials about taking action against China for shutting the companies out of its 723 dollars billion payment-processing market in March.