Kishida Not Seeking LDP Leadership Re-election

Japanese Prime Minister Fumio Kishida has announced he will not seek a second term as leader of the ruling Liberal Democratic Party (LDP) in the upcoming September elections, paving the way for a new successor. His decision comes amid declining public support, falling below 20%, due to a series of corruption scandals and ongoing economic issues like inflation and a weak yen. With the LDP's control over parliament, the winner of the leadership race is expected to become the next prime minister. Kishida's exit indicates a significant shift in Japan's political landscape, as he will be the third prime minister since Shinzo Abe's departure in 2020. Former Defense Minister Shigeru Ishiba is currently a leading contender to succeed him, according to local media polls. Kishida's announcement has impacted financial markets, with the yen gaining slightly against the dollar following the news.