Japanese Prime Minister Yoshihide Suga told members of his ruling party he plans to resign after about a year on the job, setting off a race to succeed him.
Suga doesn’t plan to run in an election for leader of the ruling Liberal Democratic Party later in September, party secretary-general Toshihiro Nikai told reporters on Friday. The LDP leader is virtually assured of becoming prime minister because of the party’s dominance in parliament.
Futures on the Nikkei 225 Stock Average extended gains following the report, while the yen fluctuated. Suga planned to speak with reporters at 1 p.m. local time.
“At today’s meeting, Suga said he wanted to focus on coronavirus policy and would not run in the leadership election,” Nikai said. “To be honest, I’m surprised. But I believe he came to this decision after thinking about it deeply.”
Suga told the ruling party on Friday he intends to serve out his term and focus on fighting the coronavirus pandemic, Nikai said. Japan must hold a general election by the end of November.
Suga’s approval ratings had plummeted as virus cases surged across Japan in the weeks after the Olympic Games in Tokyo.
Until now Suga’s only declared rival for the party leadership has been former Foreign Minister Fumio Kishida, who has vowed to toughen virus policies and revitalize the LDP by appointing younger executives. Opinion polls have shown public support for Taro Kono, the government’s vaccine czar and a former foreign minister.
Shigeru Ishiba, a former defense minister, is often picked as one of the most popular choice for next prime minister in media polls. He ran against Suga a year ago.
