Shigeru Ishiba, a former defense minister and prominent figure within the ruling Liberal Democratic Party (LDP), announced on Saturday his intention to run in the party’s leadership election on September 27. The election will determine the successor to Prime Minister Fumio Kishida, who will step down in September after completing his three-year term as leader of the world’s fourth-largest economy.
Ishiba’s candidacy comes as the LDP seeks to navigate a period of economic transition, with the Bank of Japan (BOJ) gradually raising interest rates to normalize its ultra-loose monetary policy. In a recent interview with Reuters, Ishiba expressed his support for the BOJ’s approach, stating that the normalization of monetary policy could help reduce prices and boost industrial competitiveness.
Ishiba’s leadership bid is seen as a significant development within the LDP, with the party facing challenges such as addressing Japan’s aging population, revitalizing regional economies, and ensuring national security. As a seasoned politician with experience in defense and economic policy, Ishiba is well-positioned to tackle these issues and provide a new direction for the party.
The LDP leadership election is expected to be a closely contested race, with other prominent figures within the party also considering runs. The outcome will have significant implications for Japan’s economic and political trajectory, both domestically and on the global stage.
