Japan’s PM-elect Shigeru Ishiba announces general election on October 27, seeks to unify party
Japanese shares fell more than 4% in early trading on Monday as the yen strengthened and Japanese government bonds jumped in reaction to the leadership win by Ishiba, who is seen as a monetary policy hawk.
Japan’s Prime Minister-elect Shigeru Ishiba said on Monday he will announce a general election on October 27 after his victory in one of the closest leadership races ever for the ruling Liberal Democratic Party.
The survey, to be held a year before the US presidential election in November, will determine which party controls the lower house of parliament. Lawmakers will meet tomorrow to confirm him as the country’s next prime minister.
“It is important for the new administration to be evaluated by the people as soon as possible,” Ishiba said at a press conference at LDP headquarters in Tokyo.
Japanese stocks fell more than 4% in early trade on Monday, as the yen strengthened and Japanese government bonds surged in reaction to the leadership win of Ishiba, who is seen as a staunch supporter of monetary policy.
Ishiba on Monday began picking government and party officials who will contest the upcoming general election alongside him.
The leadership race so far includes two rival candidates, with Katsunobu Kato remaining as finance minister and Yoshimasa Hayashi as chief cabinet secretary, a key post that includes the role of top government spokesman, two sources familiar with the appointments previously told Reuters.
Former defense chief Takeshi Iwaya, a close ally of Ishiba, will take over as foreign minister, while Gen Nakatani will return to the defense ministry, a post he held in 2016, said the sources, who requested not to be identified because they are not authorized to speak to the media, confirming earlier media reports.
A separate source said former junior minister Yoji Muto would take over the economy, trade and industry ministry.
However, his selection does not include Sanae Takaichi, a staunch conservative who he defeated by 215 votes to 194 on Friday in the closest leadership election in nearly seven decades.
Takaichi’s absence could make it harder for Ishiba to manage a floundering ruling group, which has been roiled by scandals that have eroded its public support.
Hiroshi Shiratori, a political science professor at Hosei University in Tokyo, said media reports that Takaichi had declined a post “may point to a weakness in Ishiba’s support base, which could cause him problems later on.” Ishiba chose another rival, Shinjiro Koizumi, as his election campaign chief, as well as former Prime Minister Yoshihide Suga, a Koizumi supporter, as the party’s new vice president. Both joined him at his press conference on Monday. Ishiba, 67, won the LDP leadership race in his fifth attempt with strong support from rank-and-file members. However, many of his parliamentary colleagues consider him somewhat of a nuisance for disregarding party policies. He apologized to LDP lawmakers for his “shortcomings” on Friday ahead of a second runoff election against Takaichi.
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