Japan's Prime Minister Kishida to Step Down in September

Japanese Prime Minister Fumio Kishida has announced he will not seek re-election as leader of the ruling Liberal Democratic Party (LDP) in the upcoming leadership vote scheduled for September. This decision paves the way for a new prime minister to be selected. Kishida, who has been in office since October 2021, has faced significant challenges during his tenure, including rising living costs and a series of corruption scandals that have eroded public support and led to a sharp drop in his and the party's poll ratings.

Kishida's tenure has been marked by efforts to address economic issues, such as announcing a 17 trillion yen stimulus package in November to combat inflation. However, the yen has remained one of the world's worst-performing currencies, exacerbating import prices despite benefiting exporters. Additionally, a major kickbacks scandal involving over 80 LDP lawmakers has further damaged the party's reputation. In response, Kishida has removed several Cabinet ministers, dissolved controversial party factions, and passed stricter political funds control laws. The LDP's leadership contest next month will determine Kishida's successor, with the winner expected to be approved by the LDP-controlled parliament and become Japan's next prime minister.