Japanese Prime Minister Fumio Kishida has announced he will not seek re-election as leader of the ruling Liberal Democratic Party (LDP) in September, effectively ending his tenure as Prime Minister of the world’s fourth-largest economy. Kishida, 67, who has been in office since October 2021, made this decision amid a series of challenges including declining popularity, a political funding scandal, and economic difficulties.In a statement, Kishida said, ‘The first and clearest step to show that the LDP is changing is for me to step down,’ and ‘I will not be running in the upcoming presidential election’. He emphasized the importance of ‘pumping new blood into the LDP’ and ensuring transparent and open elections.Kishida’s approval ratings have plummeted to below 20% due to a cost-of-living crisis and a major funding scandal involving over 80 LDP lawmakers. The scandal has significantly eroded public trust in the party, which has led Japan almost uninterrupted since 1945.The decision to step down will trigger a leadership contest within the LDP, with the winner virtually assured of becoming the next prime minister. Potential successors include former Defense Minister Shigeru Ishiba, digital minister Taro Kono, and former Foreign Minister Toshimitsu Motegi.Kishida’s successor will face significant challenges, including addressing Japan’s highest inflation in over 30 years and the weak yen, which has raised the price of imports. The new leader will be Japan’s third prime minister since Shinzo Abe’s departure in 2020.Kishida is expected to hold a press conference on Wednesday, August 14, at 11:30 AM local time to further explain his decision. He stated, ‘I will continue to do everything I can as prime minister until the end of my term’.
Key points
- Japanese PM Fumio Kishida will not seek re-election as LDP leader, effectively ending his tenure as Prime Minister.
- Kishida’s decision comes amid declining popularity, a political funding scandal, and economic challenges.
- A leadership contest within the LDP will determine Japan’s next prime minister.
- The new leader will face significant economic challenges, including high inflation and a weak yen.
