FINANCE

Here’s what you need to know about the incoming Prime Minister of Japan


A pedestrian reads an additional edition of the newspaper, where Foreign Minister Fumio Kishida has been elected as the new leader of the ruling Liberal Democratic Party (LDP) in the Ginza district of Tokyo, September 2, 2021.

Philip Fong | AFP via Getty Images

Fumio Kishida is set to become Japan’s next prime minister after winning the race for the leadership of Japan’s ruling Liberal Democratic Party on Wednesday.

The former foreign minister expelled one of his closest rivals, the popular vaccine Jar Taro, in a runoff vote after none of the four candidates won a majority in the first round.

Kishidar’s victory has prepared him to replace Sugar in the outgoing party leader and Prime Minister Yoshihide, who is resigning just a year after taking over the top post. Because of the control of the LDP and its coalition partners’ homes, Kishida is certain to become Japan’s next prime minister.

Prior to the announcement of his resignation, the sugar approval rating had already been downgraded amid widespread criticism of his administration’s response to the epidemic. Despite the state of emergency at the time, the decision to host the Summer Olympic Games in Tokyo was criticized by critics.

Kishida was one of Sugar’s main rivals in the LDP leadership race in 2020, when former Prime Minister Shinzo Abe unexpectedly resigned due to ill health.

LDP wins for technocrats

As a leader of the LDP, Kishidar’s election team is a “win-win” for the technocrat organization, said Jasper Call, director of the Monex Group.

“Kishida is for stability, not for swinging the boat and most importantly, for doing what elite technocrats tell her to do,” Cole said in a note on Wednesday. “In economic and monetary policy, Kishida will follow the path of unwavering but growing change.”

His pledges in the campaign, which included a pledge not to raise taxes for 10 years and a review of pensions and health care, surprised him by saying he was “generally soft and uncomfortable on the public stage”.

Before Kishidar won the election, Goldman Sachs’ Nohiko Baba told CNBC’s “Street Sciences Asia” on Wednesday that the former foreign minister is expected to pay more attention to income redistribution to address income inequality in the country.

Good track record

One of Kishida’s first tasks was to lead the LDP in Japan’s lower house elections. Which is going to happen in the next few months.

According to Tobias Harris, a senior fellow at Asia at the Center for American Progress, the incoming prime minister is expected to receive “plenty of favorable media coverage” before this election.

Although Kishida may not be the “most exciting figure” in terms of LDP leadership, she is “delightful enough,” Harris told CNBC on Thursday. “He’s pretty good … he’s got a reputation, a good record when he’s foreign minister.”

Another advantage is that Kashida was not part of the Suga government and “it is difficult for the Suga government to attack him to manage the epidemic, so it is working for him,” he said.

Dealing with covid

Japan has been facing multiple waves of Kovid infection since 2020 and its vaccination campaign has increased significantly in the last few months since its slow start.

As of September 2, 5% of people in Japan have been fully vaccinated against Kovid-1 – more than 55.09% in the United States, according to Data in the Data.

Harris noted that covid infection has been declining in Japan. The government announced this week that it would end the coronavirus emergency in all regions on Thursday.

As a result, “you may not have the public interest to vote against the LDP, and that was a concern for Sugar,” Harris said.

Most prime ministers continue to receive “excellent push in the election” after taking office, with analysts saying: “I don’t think there’s really any reason to believe that Kishida won’t get it.”



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