Japanese Prime Minister Kishida Announces He Won't Seek A Second Term as the Leading Party Faces Scandal and Economic Challenges

Japanese Prime Minister Fumio Kishida announced he would not seek a second term as leader of the Liberal Democratic Party in September, effectively stepping down as Japan's prime minister. Kishida’s decision comes amid low approval ratings, driven by political scandals and economic challenges. The LDP's dominance in parliament means that the winner of its upcoming leadership race will likely become the next prime minister, marking Japan's third premier since Shinzo Abe's resignation in 2020. Financial markets reacted with a strengthened yen and mixed stock performance following the news.