Shigeru Ishiba is poised to become the new Japanese prime minister, aiming to address various challenges faced by the country. These include a declining economy, an aging population, and concerns over China’s military activities. Ishiba, 67, won the leadership of the ruling Liberal Democratic Party and plans to call for an election on October 27.
Expected to be officially appointed as Japan’s 65th prime minister, Ishiba has already hinted at key appointments in his cabinet, with Katsunobu Kato as finance minister, Gen Nakatani as defence minister, and Takeshi Iwaya as foreign affairs minister. Despite some doubts due to his previous failed attempts, Ishiba’s popularity with voters is seen as a driving factor behind his victory.
Market reactions to Ishiba’s policies have been mixed, with concerns over interest rate hikes and corporate tax increases. Ishiba’s focus on strengthening Japan’s military capabilities in response to regional security threats from China, Russia, and North Korea has also been a key point of discussion.
With a vision for a regional military alliance similar to NATO, Ishiba’s leadership is expected to bring about substantial changes in Japan’s domestic and foreign policies.