Official announcement from the Liberal Democratic Party (LDP) and major news outlets such as NHK, Reuters, and Bloomberg.

Ishiba and Takaichi Head to Runoff in Japan's LDP Leadership Election

Sep 27, 2024, 01:48 AM

The Liberal Democratic Party (LDP) of Japan is in the midst of a tightly contested leadership election to choose a successor to outgoing Prime Minister Fumio Kishida. The top candidates, Shigeru Ishiba and Sanae Takaichi, have advanced to a second-round runoff after no candidate secured a majority in the initial vote. Takaichi, who supports continued monetary easing, received 181 votes, more than her rival Shinjiro Koizumi in the first round. The outcome of this election will determine Japan's next prime minister. The election has significant implications for Japan's economic policies, particularly in terms of monetary policy and foreign investment. Concurrently, the Japanese yen has weakened significantly, trading at 146.23 against the US dollar, marking its lowest value since September 3, with an intraday gain of 0.85%. The currency's decline is influenced by market reactions to the leadership election and broader economic factors.