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Shigeru Ishiba's Ascendancy and Its Economic Implications
2024-09-27 23:55:08
Politics
Economy

Shigeru Ishiba's Ascendancy and Its Economic Implications

Image courtesy of : AFP (KIM KYUNG-HOON)

Shigeru Ishiba's victory in the Liberal Democratic Party leadership marks a significant shift in Japan's political landscape. As a seasoned politician and former Defense Minister, he is poised to become the next Prime Minister.

His leadership is expected to bolster Japan's defense capabilities, particularly in the context of regional tensions with China. Additionally, Ishiba aims to strengthen Japan's security alliance with the United States while supporting Taiwan's democratic aspirations.

The market response to his election was immediate; the yen appreciated against the dollar, reflecting expectations of a more dovish monetary policy from the Bank of Japan compared to the U.S. Federal Reserve.

Conversely, futures for government bonds and the Nikkei 225 index fell, indicating concerns about potential economic adjustments. Ishiba's popularity among voters contrasts with his mixed reception within the LDP, where his progressive stances on social issues have stirred debate.

Related news on that topic:

Shigeru Ishiba: Japan's New Prime Minister and the Market ... Reactions

Shigeru Ishiba, a seasoned politician and former defense minister, has emerged victorious in the leadership race of Japan's ruling Liberal Democratic Party (LDP). This victory secures his position as Japan's next prime minister, succeeding Fumio Kishida, who resigned amidst declining approval ratings due to inflation and financial scandals. Ishiba defeated Sanae Takaichi, who aspired to be Japan's first female prime minister, in a closely contested run-off. Ishiba's victory has significant implications for Japan's economic and foreign policy landscape. Markets reacted swiftly, with the yen surging against the dollar, reflecting investor anticipation of potential shifts in monetary policy. The 10-year government bond futures dropped, and Nikkei 225 stock gauge futures also fell, indicating market uncertainty regarding the new administration's economic direction. Ishiba, known for his moderate stance, has proposed several key policies, including the formation of an Asian-style NATO and a focus on rural revitalization. His leadership comes at a critical time, as Japan faces regional security threats and the need to navigate its relationship with the United States. Ishiba has indicated a desire for more oversight of US military bases in Japan, which could reshape the bilateral dynamics. The LDP's long-standing dominance in Japanese politics continues with Ishiba's leadership, emphasizing stability amidst change. As he prepares to take office on October 1st, Ishiba's policies and approach to governance will be under close scrutiny, both domestically and internationally. His administration's ability to address economic challenges and restore public trust will be pivotal in shaping Japan's future trajectory.

Shigeru Ishiba: Japan's New Prime Minister with a Vision for ... for Reform

Shigeru Ishiba, a 67-year-old veteran politician and former Defense Minister, has been elected as the new chairman of Japan's ruling Liberal Democratic Party (LDP), setting the stage for his appointment as the next Prime Minister. Ishiba's victory is seen as a significant shift from the national-conservatism espoused by his predecessor, Shinzo Abe. He defeated the national-conservative minister Sanae Takaichi, who was considered Abe's intellectual successor. Ishiba's election follows a damaging donation scandal within the LDP, which has eroded the party's reputation. Ishiba plans to continue the economic policies of outgoing Prime Minister Fumio Kishida while also addressing critical reforms in Japan's pension and care systems. Known for his support of increased defense spending, Ishiba advocates for the creation of an Asian military alliance modeled on NATO. This stance aligns with his broader vision of a more assertive and secure Japan amidst growing regional tensions. Domestically, Ishiba aims to restore public trust in the LDP and navigate Japan through its economic challenges, including inflation and the aftermath of the Bank of Japan's shift away from a low-interest-rate policy. He has also pledged to decentralize government functions to revitalize rural areas and proposed the establishment of a disaster prevention agency. Ishiba's moderate approach to foreign policy emphasizes constructive relations with China and the pursuit of regional stability. Despite his conservative background, he has been a voice of dissent within the party, advocating for renewable energy and social reforms, such as allowing women to become reigning empresses and addressing the cost-of-living crisis. As Ishiba steps into his new role, he faces the daunting task of leading a fractured party and a nation grappling with both internal and external pressures. His popularity among local leaders and voters could be crucial in rebuilding the LDP's standing ahead of the national elections scheduled for 2025.

Read 1 more recent news on this topic

The press radar on this topic:

Yahoo Finance
27. September 2024 um 07:21

Yen Rallies as Ishiba Wins LDP Leadership, Nikkei Futures Fall

Finance
Politics
Economy
Shigeru Ishiba, a veteran LDP politician, won the party leadership, beating Sanae Takaichi who opposed rate hikes. This caused the yen to surge against the dollar, 10-year government bond futures to drop, and Nikkei 225 stock gauge futures to fall, as markets reacted to the prospect of a more dovish Bank of Japan policy under Governor Kazuo Ueda compared to the Federal Reserve's rate hikes, leaving the yen as a yield-differential play.
Yahoo Finance
27. September 2024 um 14:08

European Futures Gain; Yen Rebounds on Elections: Markets Wrap

Finance
Economy
Politics
European futures gain on China, US data; yen rises as Ishiba wins Japan vote, PBOC stimulus, Powell silent, oil drops sharply.
Tagesschau - Internationale Nachrichten aus aller Welt
27. September 2024 um 15:57

Japan's Next Premier Ishiba Popular with Voters - Not Always in the Party

Politics
Shigeru Ishiba, the new Japanese Prime Minister, is popular with voters but controversial within his party. He has often opposed the conservative faction and has not been involved in any scandals, unlike his predecessor Fumio Kishida and the former Prime Minister Shinzo Abe.
DER SPIEGEL
27. September 2024 um 15:09

Japan: Shigeru Ishiba to Become New Liberal Democratic Party Leader and Likely New Prime Minister - DER SPIEGEL

Politics
Shigeru Ishiba was elected the new leader of the Liberal Democratic Party in Japan, which is likely to make him the new Prime Minister as well. He will probably arm the country against China without unnecessarily escalating tensions.
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