TOKYO, August 28
Japan's Shinzo Abe on Friday said he was resigning because of poor health, ending a tenure as the country's longest-serving prime minister in which he sought to revive an economy stricken by deflation and push for a stronger military.
His abrupt departure triggers a leadership battle in his Liberal Democratic Party (LDP) over the next few weeks. The winner will likely stick to Abe's reflationary "Abenomics" policies that had mixed results in resuscitating the world's third-largest economy.
Longest-serving Prime Minister
Abe on Monday became Japan's longest serving PM by consecutive days in office, eclipsing the record of Eisaku Sato, his great-uncle, who served 2,798 days from 1964 to 1972.
Abe has battled ulcerative colitis for years, and two recent hospital visits within a week had raised questions about whether he could stay on in until his term ends in September next year.
Despite the deepening concerns about his health, news of Abe's resignation sent tremors through Tokyo financial markets. Japan's main stock market, which has more than doubled under Abe, fell some 2% before recovering, while the yen rose on concerns of a return to deflation.
World leaders express regret
German Chancellor Angela Merkel, UK Prime Minister Boris Johnson and other world leaders expressed regret at Abe's decision on Friday. Kremlin described the working relations between Abe and President Vladimir Putin as "brilliant".
"I cannot continue being prime minister if I do not have the confidence that I can carry out the job entrusted to me by the people," Abe, 65, told a news conference as he announced his decision.
He said he wanted to avoid a political vacuum as Japan copes with the novel coronavirus. It was the second time Abe has resigned as prime minister because of poor health, the first more than a decade ago.
Abe, whose term ends in September 2021, is expected to stay on until a new party leader is elected and formally approved by the parliament.
Apart from inheriting an economy in the throes of its worst downturn since World War II, Abe's successor will be left to try and ensure next year's Olympics - already delayed for a year by the Covid-19 pandemic - will go ahead. — Reuters
Contenders for post
- Former defence minister Shigeru Ishiba and former foreign minister Fumio Kishida quickly expressed interest in the top job
- Among others whose names have been floated is Abe's close aide Yoshihide Suga, Chief Cabinet Secretary
from The Tribune https://ift.tt/31Dcrcd
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