Japan PM Abe to Resign Due to Health Concerns

(Nikkei Asian Review) — Japanese Prime Minister Shinzo Abe is expected to announce his resignation on Friday afternoon, having apparently concluded that his deteriorating health will make it difficult to carry on.

The prime minister, who is a few weeks shy of his 66th birthday, appears to have reached the decision after two visits to a Tokyo hospital in quick succession.

His cabinet will resign en masse as soon as the ruling Liberal Democratic Party elects a new president. The party is likely to hold the vote in September.

Word of Abe's plan to quit sent the Nikkei Stock Average plunging in afternoon trading. The benchmark index dropped over 600 points, or 2.6%, at one point to 22,594, while the yen strengthened to 106.11 per dollar. Share prices did rebound and closed 326 points, or 1.4%, lower on the day as investors awaited Abe's news conference for more details.

Abe, who abruptly ended his first stint as prime minister over ailing health in 2007, has led the government since December 2012. This year has been particularly challenging, with the coronavirus taking a heavy social and economic toll on the country. Amid the crisis, Abe decided to forego his annual summer vacation at his villa in the Yamanashi prefectural village of Narusawa.

The prime minister had reportedly complained to aides of fatigue, and members of the media noticed him walking with difficulty.

The LDP has already begun preparing to choose a new party president. Former LDP Secretary General Shigeru Ishiba is likely to run, along with LDP Policy Research Council Chairman Fumio Kishida.

Typically, the party would hold a leadership vote among lawmakers and regular members. In the past, the campaign period has usually lasted seven to 12 days.

Another option would be to hold an election involving lawmakers from both Diet chambers and representatives of Japan's 47 prefectures.

In the interim, there is a possibility that the government will recommend Chief Cabinet Secretary Yoshihide Suga or Deputy Prime Minister and Finance Minister Taro Aso to take over the current cabinet.

The term of Abe's successor will expire at the end of September 2021, when Abe's term would have ended.

This article was originally published by Nikkei Asian Review