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Shigeru Ishiba Takes Helm as Japan's Prime Minister
2024-09-28 09:00:09
Politics
Economy

Shigeru Ishiba Takes Helm as Japan's Prime Minister

Image courtesy of : AFP (KIM KYUNG-HOON)

Shigeru Ishiba, a seasoned politician and former defense minister, has been elected as Japan's new prime minister. The Liberal Democratic Party (LDP) chose Ishiba, 67, to succeed Fumio Kishida, whose tenure was marred by declining approval ratings.

Ishiba triumphed over his conservative rival, Sanae Takaichi, in a closely contested vote. Promising to make Japan a safer and happier place, Ishiba's victory marks his fifth attempt at the premiership.

He plans to hold new elections soon to solidify his mandate. Ishiba inherits significant defense challenges, particularly with China's military rise and regional tensions with North Korea.

Domestically, he faces economic hurdles, including inflation and labor shortages. Ishiba aims to strengthen rural areas and create a disaster prevention agency.

His approach to foreign policy will likely maintain Japan's strategic alliances while advocating for a collective security framework in Asia.

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's Ascendancy and Its Economic Implications

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.

The press radar on this topic:

AFP
27. September 2024 um 12:18

Former Defense Minister Ishiba Becomes Japan's New Prime Minister

Politics
Former Defense Minister Shigeru Ishiba becomes the new leader of the LDP and thus Japan's Prime Minister. He prevailed against the conservative candidate Sanae Takaichi. Outgoing Prime Minister Fumio Kishida did not run again due to declining poll numbers. Ishiba announced that he will increase Japan's defense spending to 2% of GDP by 2027 to meet the NATO target. Domestically, Ishiba wants to strengthen the economy, as inflation and the departure from the low-interest rate policy have burdened..
Asia Times
28. September 2024 um 05:36

Ishiba to bring cool, collected rule to Japan

Politics
Shigeru Ishiba, a former defense minister who served as director-general of the Defense Agency and held various ministerial positions, including Agriculture, Forestry and Fisheries, and Minister in Charge of Overcoming Population Decline and Vitalizing Local Economy, was elected as the next president of Japan's ruling Liberal Democratic Party, defeating rightwing firebrand Sanae Takaichi in the run-off. Ishiba, known for his calm and measured approach, is seen as an independent-minded political..
Diplomacy - South China Morning Post
28. September 2024 um 07:00

Who is Shigeru Ishiba, Japan’s leader in waiting, and what will he bring to China ties?

Politics
Shigeru Ishiba is poised to become Japan's next prime minister, having been elected leader of the Liberal Democratic Party (LDP) following Fumio Kishida's announcement to step down. As a seasoned politician and former defense chief, Ishiba aims for continuity and nuance in China policy, likely maintaining Japan's strategic alliances. His ambition to establish an Asian equivalent of NATO to counter China and foster a balanced partnership with the U.S. may create tensions in Beijing and Washingt..
Asia Times
28. September 2024 um 04:23

Ishiba must strike a balance of continuity and change

Politics
Economy
Ishiba, Japan's new PM, faces mandate to balance continuity and change in foreign and domestic policy. Expected to uphold Kishida's foreign policy, including US alliance, Quad, and Japan's growing global security integration, but may shift domestic policy, e.g. fiscal austerity to address substantial national debt, immigration, and AI to drive digital transformation. Ishiba may also seek to further improve Japan-South Korea relations, building on Kishida's initiatives, and expand Japan-Indonesia..
CW

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