– Japanese Prime Minister Fumio Kishida announced he will step down in September, ending a three-year term marred by political scandals.
– Kishida’s decision triggers a contest to replace him as president of the Liberal Democratic Party and leader of Japan’s economy.
– Public support for Kishida has been declining due to scandals and failure to address rising prices.
– Kishida led Japan out of the COVID-19 pandemic with massive stimulus spending and appointed a new head of the Bank of Japan.
– Kishida focused on boosting household incomes rather than corporate profits but maintained hawkish security policies towards China.
– Kishida also improved relations with South Korea and the U.S. to counter the threat from North Korea.