Candidates in the upcoming leadership race for Japan’s ruling Liberal Democratic Party (LDP) join hands after delivering speeches for the LDP presidential election in Osaka, Japan, on September 18, 2024. Str | Afp | Getty Images
Japan’s ruling party election has culminated in a runoff between economic security minister Sanae Takaichi and former defense minister Shigeru Ishiba to determine the nation’s presumptive next leader. The initial poll, held earlier Friday, saw both candidates secure the highest votes but fall short of a simple majority in a crowded field that featured a record nine contenders. The result will either bring about Japan’s first female prime minister or usher in a seasoned politician to the top post.
Outgoing Prime Minister Fumio Kishida startled the Liberal Democratic Party by announcing in August that he would not seek re-election, ending his three-year tenure. The victor of the LDP poll is expected to be approved as prime minister in a parliamentary vote on October 1, inheriting a government plagued by a corruption scandal and an economy in transition. The party’s majority in both chambers of the legislature ensures that its leader will become the next prime minister.
Polls had suggested that the favorites included ex-environment minister Shinjiro Koizumi, alongside Takaichi and Ishiba. However, Koizumi, who aimed to be Japan’s youngest-ever prime minister, failed to secure enough votes to advance.
Ishiba, 67, running for the post for the fifth time, has supported the Bank of Japan’s policy of steadily raising interest rates and expressed concerns over yen depreciation. He has also called for an Asian NATO to counter threats from China and North Korea. Takaichi, 63, one of two women in the race, emphasized the need for more fiscal stimulus and strengthening Japan’s diplomacy and defense. Unlike Ishiba, she has cautioned against further interest rate hikes by the BOJ.
Japan’s new leader will face significant challenges, including transitioning from three decades of economic stagnation, navigating diplomatic and security threats from China, a potential second Trump term in the U.S., and addressing a severe demographic crisis with a rapidly aging population.
Original Story https://www.cnbc.com/2024/09/27/japans-ruling-party-votes-to-elect-new-leader-and-countrys-next-prime-minister.html
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