TOKYO: Prime Minister Yoshihide Suga has announced that he won’t re-run for the upcoming elections next month. Mr. Suga took over as PM last year only after previous PM Shinzo Abe’s resigned due to health issues.
PM Yoshihide has faced backlash over controlling the covid pandemic, slow vaccination rollout, the country is still in a state of emergency and facing its worst Covid wave. Mr. Suga’s approval ratings fell steeply to an all-time low. Hosting Olympic games this year amidst a pandemic was also heavily criticized.
Japanese stocks saw a huge spike after this news, Topix index hit an all-time high of three-decade after rising 1.7%. Financial markets in Tokyo have already made huge gains this week expecting a better and stronger government in the upcoming election race of the ruling party’s leadership.
Elections for leadership of ruling party LDP will happen on 29 September. The person who wins the leadership election is usually expected to become Japan’s leader because LDP has a majority in parliament.
“Honestly, I’m surprised. It’s truly regrettable. He did his best but after careful consideration, he made this decision, said the secretary-general of Mr. Suga’s Liberal Democratic Party.
Mr. Suga was born in a family of strawberry farmers and got elected to the Yokohama City Council in 1987, in 1996 he was elected to Japan’s diet for the first time. In 2005 he was assigned the role of senior vice minister of communication and international affairs.