TOKYO: Former foreign minister Toshimitsu Motegi became the first ruling party lawmaker on Monday (Sep 8) to throw his hat into the ring to succeed outgoing Japanese Prime Minister Shigeru Ishiba, as financial markets whipsawed on the political uncertainty.
Ishiba called time on his brief tenure on Sunday, saying he was taking responsibility for bruising elections that saw his ruling coalition lose its majority in both houses of parliament amid voter anger over rising living costs.
He instructed his Liberal Democratic Party (LDP) – which has governed Japan for most of its post-war history – to hold an emergency leadership election. The party plans to hold the vote on Oct 4, an LDP official close to the matter told Reuters.
Japan’s yen currency sank and stocks surged on Monday after Ishiba’s resignation stoked speculation that his potential successors – such as fiscal dove Sanae Takaichi – may ramp up spending in the world’s most indebted advanced economy.
“The LDP is facing its worst crisis since its founding,” Motegi, 69, told reporters on Monday as he announced his plan to stand for leadership.
“We must unite quickly to tackle our serious challenges at home and abroad and move the country forward.”
With strong English, the Harvard-educated politician was dubbed the “Trump whisperer” for his deft handling of tricky United States-Japan trade talks.
He is among the clutch of contenders likely to emerge in the coming days. Other hopefuls include Yoshimasa Hayashi, Ishiba’s top government spokesman, and Takayuki Kobayashi, former economic security minister.
https://www.channelnewsasia.com/east-asia/japan-shigeru-ishiba-resign-replacement-lawmakers-ldp-election-5337551
