- Kishida to step down next month
- LDP will hold a leadership contest in September
- Kishida shifted Japan's economic policy focus
Japanese Prime Minister Fumio Kishida announced on Wednesday that he will step down next month, citing the need to restore public trust in the government.
Kishida’s decision comes amid declining approval ratings due to political scandals, including ties to the Unification Church and unrecorded political donations, as well as public discontent over rising living costs.
The ruling Liberal Democratic Party (LDP) will hold a leadership contest in September to replace Kishida as party president and prime minister.
The next leader will face challenges such as regaining public trust, addressing the cost of living crisis, managing geopolitical tensions with China, and potentially dealing with the return of Donald Trump as US president.
During his tenure, Kishida shifted Japan’s economic policy focus towards boosting household income and implemented measures such as wage hikes and share ownership promotion.
He also led the country’s response to the COVID-19 pandemic with significant stimulus spending and appointed a new head of the Bank of Japan to guide the country’s monetary policy.
Kishida’s departure marks the end of his three-year term as prime minister, and his successor will be tasked with addressing the country’s pressing issues and restoring public confidence in the government.
