Japan’s Prime Minister Fumio Kishida says he will step down next month, won’t run for re-election

In a press conference on Wednesday, Kishida said it is necessary to present the LDP as a “changed party.”

“Transparent and open elections and a free and vigorous debate are more important than ever. The most obvious first step, to show that the LDP will change, is for me to step aside,” he said.

“I have made the heavy decision with a strong desire to move forward with political reform, because the people’s trust is what makes politics work.”

The LDP, which has held power almost continuously since its founding in 1955, has in recent months been embroiled in one of Japan’s biggest political scandals in decades.

Two of the most influential factions in the LDP have been accused of failing to properly declare their income and expenditure and, in some instances, allegedly rerouting political funds to lawmakers as kickbacks.

During nearly three years in office, Kishida has vowed to take anti-corruption measures and institute party reforms, including dissolving factions and taking disciplinary action against any corrupt lawmakers.

Concerns about Japan’s economy, including the weakening of the yen against the US dollar, have also undermined confidence in Kishida’s economic policies.

He had previously denied he would step down as party leader despite public criticism and sinking approval ratings.

His decision to quit comes a month before LDP elections are slated, with the date in September yet to be announced.

His successor will be tasked with leading the world’s fourth-largest economy at a time of increasing living costs, which have been exacerbated by the weak yen.

Japan has been at the center of US President Joe Biden’s alliance-building in the Asia-Pacific region. American officials have seen a willing partner in Kishida, who has significantly shifted the country’s defense posture in recent years and provided ongoing support to Ukraine amid Russia’s invasion of its neighbor.

Kishida worked with Biden to write “the first chapter of a new era in the US-Japan relationship,” US Ambassador to Japan Rahm Emanuel told CNN.

“They laid the foundation for the future of bilateral cooperation in all areas, including diplomatic, security, economic, and political sides, that establishes the lattice work of an Indo-Pacific strategic vision.”

-CNN