Tokyo ? Japan’s finance minister resigned in disgrace Tuesday after slurring his speech and nodding off during the G-7 summit in Rome last weekend in yet another political distraction as the world’s No. 2 economy battles an ever-deepening recession.

Finance Minister Shoichi Nakagawa denied he was drunk on the job and blamed his bizarre behavior at a press conference in Italy on cold medicine and jet lag, but friends and foes alike weren’t buying his excuse.

It was the latest blow to the beleaguered government of Prime Minister Taro Aso, whose support ratings fell into the single digits in a recent poll, increasing speculation his days might be numbered.

Opposition lawmakers lodged a censure motion against Nakagawa after he returned to Tokyo and demanded he quit immediately. “He embarrassed himself in front of the world,” said opposition leader Ichiro Ozawa.

Fellow Cabinet member Seiko Noda called the incident “shocking.”

“A Cabinet minister must be fit, and he needs more self-control,” said Noda, Japan’s minister in charge of consumer affairs.

Japan could hardly afford another political or economic misstep. Unemployment is climbing, consumer spending is falling, and companies are seeing deep red as the global financial crisis takes a particularly heavy toll on this export-reliant nation. Last quarter, the economy shrank at its fastest pace in 35 years and is now in its worst downturn since the end of World War II.