Image Credits: Bloomberg
The Liberal Democratic Party (LDP) is set to announce its presidential election on September 12th, determining the successor to Prime Minister Kishida Fumio. Foreign Minister Kamikawa Yoko (71) declared her candidacy on September 11th, while Economy, Trade and Industry Minister Saito Takeshi (65) withdrew, narrowing the field to nine contenders. This surge in candidates marks a significant increase from the previous record of five candidates in the 2008 and 2012 elections.
With no clear frontrunner, it is anticipated that the election will require a runoff between the top two candidates, as no candidate is expected to secure a majority in the first round. The primary issue at stake is how to address the ongoing faction-related slush fund scandal, which has led to the disbandment of several factions and created a chaotic environment within the party.
Candidates must secure 20 sponsors to run, but with a reduced number of Diet members available for support, the distribution of votes among party members and supporters will be crucial. Kamikawa, a first-time presidential candidate, emphasized her commitment to confronting challenging issues and building a “new Japan” during a Tokyo press conference. She joins Minister of State for Economic Security Sanae Takaichi (63) as the second female candidate in this election.
Both Saito and former Minister of Internal Affairs and Communications Seiko Noda (64) failed to secure sponsors and have withdrawn from the race. Noda has pledged support for former Environment Minister Shinjiro Koizumi (43), who remains a candidate.
The election’s dynamics are further complicated by recent market volatility and global economic uncertainties, which have put additional pressure on Japan’s political landscape. The ongoing strength of the yen and the impact of U.S. economic policies are likely to influence candidates’ positions and party strategies as they seek to address both domestic and international concerns. The outcome of the LDP presidential race could significantly impact Japan’s economic policies and its approach to global trade relations.