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Free AccessMNI: PBOC Net Drains CNY216 Bln via OMO Monday
Suga Officially Voted In As PM, Names Familiar Cabinet
New Liberal Democratic Party President Yoshihide Suga (71) has been officially voted in as Japan's new prime minister in a special session of the lower house of the Diet.
- As was widely anticipated, he has largely maintained the same Cabinet as his predecessor Shinzo Abe, especially in the senior roles.
- Taro Aso remains as finance minister, while Toshimitsu Motegi remains foreign minister. Katsunobu Kato takes over from Suga as Cabinet Secretary, viewed as an important post as a policy organiser and gov't spokesman.
- As expected Nobuo Kishi, Shinzo Abe's brother by birth before being raised by his aunt and uncle, becomes defence minister in his first Cabinet posting.
- Of the new Suga Cabinet of 20, 15 had positions in the previous Abe Cabinet.
- All of this serves to highlight the aspect of continuity the LDP leadership have sought to present through Suga's rise to the prime minister. While viewed as somewhat more of a fiscal hawk than Abe, Suga has committed to following 'Abenomics', while on the defence policy front he has committed to renouncing Article 9 of the constitution, paving the way for the establishment of a permanent Japanese armed forces.
- Suga to deliver press conference this evening around 2100JST (0800ET, 1300BST, 1400CET) following his official inauguration at the Imperial Palace.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.