Japan’s longest serving Prime Minister is stepping down.
Japanese Prime Minister Shinzo Abe has confirmed that he will resign due to worsening health, bringing an end to his stint as the longest-serving premier of the world’s third-biggest economy.
Abe suffers from a chronic inflammatory bowel disease and told reporters during a televised press conference that his health started declining rapidly last month. He confirmed his resignation saying he did not want his illness to result in any policy mistakes.
"I needed to fight against the disease and be treated and I was not really in a perfect state in terms of the health condition," Abe said.
Abe said he would fulfill his duties as prime minister until the next leader is appointed. His current term was not due to end until September 2021. Japan’s Nikkei 225 stock index closed 1.4% lower, while the yen strengthened against the dollar, trading at 105.8.
The prime minister’s departure will kick-start a leadership race in the governing Liberal Democratic Party, with the winner to be formally elected in parliament and to serve for the rest of Abe’s term. Abe had previously resigned as prime minister in 2007 following a flare-up of his bowel condition but returned to the top job after his party won a landslide election victory in 2012.
Since resuming office, Abe has sought to revive Japan’s lackluster economy through a policy package dubbed Abenomics. He said Friday that the economic policy had succeeded in boosting jobs and brought an end to 20 years of deflation.
Japan’s economy contracted at an annualized rate of 27.8% in the April to June quarter, marking its third quarterly decline.
