Japanese Prime Minister Fumio Kishida announced he will not seek re-election, marking the end of his premiership. Kishida cited the need for change within the ruling Liberal Democratic Party as his reason for stepping aside.
Kishida’s approval ratings have plummeted due to economic challenges, including rising prices and a decline in output. He attempted to address these issues with a $100 billion stimulus package, but struggled to regain public support.
The weakening yen has compounded Japan’s economic woes, impacting household inflation and imports. Kishida has also faced criticism for a funding scandal within his party.
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