Former Foreign Minister Toshimitsu Motegi became the first ruling party lawmaker to announce his candidacy to succeed outgoing Japanese Prime Minister Shigeru Ishiba on Monday, as financial markets reacted sharply to the political uncertainty.
Ishiba ended his brief tenure on Sunday, taking responsibility for election losses that saw his ruling coalition lose its majority in both houses of parliament amid public frustration over rising living costs. He directed the Liberal Democratic Party (LDP), which has dominated Japanese politics for most of the post-war era, to hold an emergency leadership election. An LDP official told Reuters that the vote is scheduled for October 4.
Following Ishiba’s resignation, Japan’s yen fell while stocks rose, amid speculation that potential successors such as fiscal dove Sanae Takaichi could increase spending in the world’s most indebted advanced economy.
“The LDP is facing its worst crisis since its founding,” Motegi, 69, told reporters as he declared his intention to run. “We must unite quickly to tackle our serious challenges at home and abroad and move the country forward.”
Chief Cabinet Secretary Yoshimasa Hayashi also plans to enter the race, according to a source close to the government.
The frontrunners, however, are expected to be LDP veteran Takaichi and Shinjiro Koizumi, the 44-year-old son of former Prime Minister Junichiro Koizumi, who previously served as Ishiba’s farm minister managing soaring rice prices. If successful, Takaichi would become Japan’s first female leader, while Koizumi would be the youngest modern-era prime minister.
Neither has formally declared their candidacy, but they placed second and third, respectively, in the previous leadership contest in September 2024. “All indications are that it will come down to them facing off against each other,” said Jeffrey Hall, a lecturer in Japanese studies at Kanda University of International Studies.
Faridah Abdulkadiri
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