Connect with us

Hi, what are you looking for?

World News

Japan’s Prime Minister Fumio Kishida says he will step down next month, won’t run for re-election

Japanese Prime Minister Fumio Kishida will not run for a second term as leader of the long-ruling Liberal Democratic Party (LDP) next month following a series of political scandals that have fueled calls for him to resign.

In a press conference on Wednesday, Kishida said it is necessary to present the LDP as a “changed party.”

“Transparent and open elections and a free and vigorous debate are more important than ever. The most obvious first step, to show that the LDP will change, is for me to step aside,” he said.

“I have made the heavy decision with a strong desire to move forward with political reform, because the people’s trust is what makes politics work.”

The LDP, which has held power almost continuously since its founding in 1955, has in recent months been embroiled in one of Japan’s biggest political scandals in decades.

Two of the most influential factions in the LDP have been accused of failing to properly declare their income and expenditure and, in some instances, allegedly rerouting political funds to lawmakers as kickbacks.

During nearly three years in office, Kishida has vowed to take anti-corruption measures and institute party reforms, including dissolving factions and taking disciplinary action against any corrupt lawmakers.

Concerns about Japan’s economy, including the weakening of the yen against the US dollar, have also undermined confidence in Kishida’s economic policies.

He had previously denied he would step down as party leader despite public criticism and sinking disapproval ratings.

His decision to quit comes a month before LDP elections are slated, with the date in September yet to be announced.

His successor will be tasked to lead the world’s fourth-largest economy at a time of increasing living costs, which has been exacerbated by a weak yen.

Japan has been at the center of US President Joe Biden’s alliance building in the Indo-Pacific. American officials have seen a willing partner in Kishida, who has significantly shifted the country’s defense posture in recent years and provided ongoing support to Ukraine amid Russia’s invasion of its neighbor.

This story has been updated with additional information.

This post appeared first on cnn.com

    You May Also Like

    Stocks

    In this episode of StockCharts TV‘s The MEM Edge, Mary Ellen reviews what’s shaping up in the broader markets after the Fed announced their rate cut...

    Tech

    Meta has lowered the minimum age to use the popular messaging platform WhatsApp. The move, which came into effect on Thursday, reduces the age...

    Tech

    Astronomers have discovered the Milky Way’s “most massive” stellar black hole yet. The newly discovered black hole is 33 times bigger than the sun...

    Business

    Stocks sold off Friday as inflation and geopolitical worries once again dented investor sentiment on Wall Street. A broad decline in major bank shares...

    Disclaimer: globalwashingtonwebinar.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 globalwashingtonwebinar.com | All Rights Reserved