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Prime Minister Kishida Not To Seek Second Term

JAPAN

Japan Prime Minister Kishida is reportedly set to announce he won't seek re-election as leader of Japan's LDP party. Kishida's tenure won't extend beyond September. The LDP will elect a new leader, who will then become Japan's new Prime Minister, bringing an end to Kishida's 3 year run as premier. We will find out more with a press conference scheduled in a little under 45mins.

  • Low approval ratings, reflecting a funding scandal, and high inflation, is cited as a contributing factor to Kishida's decision not to seek a second term.
  • Outside of a brief round of yen strength, market reaction has been limited to the news. BBG notes Defence Minister Shigeru Ishiba is a potential successor per onshore media.

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