Prime Minister Fumio Kishida to step down, won't seek re-election
Japanese Prime Minister Fumio Kishida has announced that he will not seek re-election as the leader of ruling Liberal Democratic Party (LDP), citing the need for a "new start." The 67-year-old veteran of the LDP is expected to step down as Prime Minister after the party elects a new leader in September.
Kishida, who has been in office since 2021, has faced declining support due to a corruption scandal involving his party, rising living costs, and a weakening yen. His approval ratings had dropped to 15.5% last month, the lowest for a Japanese Prime Minister in over a decade.
In a press conference on Wednesday, Kishida emphasized the importance of demonstrating change within the LDP. "Transparent and open elections, along with a free and vigorous debate, are crucial," he said. "The most straightforward way to show that the LDP will change is for me to step down."
The LDP has been in power almost continuously since 1955, but recent months have seen it embroiled in a major political scandal. Two influential factions within the party have been accused of failing to properly declare their income and expenditures, and of allegedly diverting political funds as kickbacks. This scandal has led to the resignation of several key figures and has triggered a criminal investigation into the handling of party funds.
Concerns about Japan’s economy, including the falling yen and rising living costs, have also contributed to Kishida's dwindling popularity. His decision to step aside comes just a month before the LDP's leadership election, which is set for September.
Kishida's successor will need to address the economic challenges and guide Japan, the world’s fourth-largest economy, through a period of rising costs and a weakened currency. Despite these domestic issues, Kishida has maintained strong support from the United States, which values Japan’s increased defense posture and support for Ukraine amidst the ongoing conflict with Russia.
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