Leadership Race Shakes Japan: Motegi Announces Candidacy Amid Political Uncertainty

Former Foreign Minister Toshimitsu Motegi announced his candidacy to succeed outgoing Japanese Prime Minister Shigeru Ishiba, triggering market fluctuations. Ishiba resigned after his coalition lost its majority due to voter backlash over rising living costs. The leadership election could impact Japan's financial and foreign policy direction.

In a significant political move, former Foreign Minister Toshimitsu Motegi has entered the race to succeed Shigeru Ishiba as Prime Minister, following Ishiba's surprise resignation.

The political upheaval sent ripples through financial markets, as investors speculate on the economic policies of potential successors, including Sanae Takaichi, who favors increased government spending.

With the national leadership at stake, Motegi, signaling a unified approach, aims to steer Japan through domestic and international challenges. Observers are closely watching the election for its potential impact on Japan's economic and diplomatic relations, particularly with neighboring China.

(With inputs from agencies.)