Japanese Prime Minister Kishida Steps Down Amid Political Scandals

Japanese Prime Minister Fumio Kishida announced he will step down in September, ending a three-year term marred by political scandals and public dissatisfaction over rising living costs. Kishida's departure will lead to a contest for the leadership of the Liberal Democratic Party and the world's fourth-largest economy.

Japanese Prime Minister Fumio Kishida announced his resignation effective this September, concluding a three-year term overshadowed by political scandals and public discontent. The decision sets the stage for a leadership contest to guide the Liberal Democratic Party (LDP) and Japan's economy.

At a press conference, Kishida emphasized the importance of public trust in politics as a reason for his departure. He plans to support the new LDP leader as an ordinary party member. His exit follows declining public support linked to the LDP's controversial ties and unrecorded political donations.

Kishida, Japan's eighth-longest-serving post-war leader, spearheaded the country through the COVID-19 pandemic with significant stimulus efforts and took a firm stance on defense and security issues. His resignation could impact fiscal and monetary policies, especially regarding economic strategies and Japan's position amid global geopolitical tensions.

(With inputs from agencies.)