Fumio Kishida to be the new Prime Minister of Japan

Outgoing Japanese Prime Minister Yoshihide Suga has dissolved his cabinet, paving the way for Kishida to take over.

Fumio Kishida to be the new Prime Minister of Japan
Fumio Kishida to be the new Prime Minister of Japan

Outgoing Japanese Prime Minister Yoshihide Suga has dissolved his cabinet, paving the way for Fumio Kishida to take over Is. Japan's new Prime Minister Kishida is set to formally take office on Monday after a special parliamentary session. Kishida won the election for the post of leader of the ruling Liberal Democratic Party (LDP) last week. With this victory, he was sure to become the Prime Minister. He will assume office as prime minister after a parliamentary vote, which is being treated as a formality.

The LDP enjoys a majority in the lower house of Japan's parliament. After the country adopted the cabinet system in 1885, Kishida is going to become the 100th Prime Minister of Japan. Suga took over as prime minister only in September last year, when former prime minister Shinzo Abe resigned citing health-related reasons. In early September this year, Suga had announced not to participate in re-elections to the ruling party's leadership. Suga's popularity plummeted following sharp criticism of his pandemic management.

The new Prime Minister of Japan has the responsibility of getting the economy back on track after the corona virus epidemic. Kishida says he wants to continue with the economic reforms known as "Abenomics" initiated by the former prime minister, which focus on expansionary monetary and fiscal policies. They want to put together a massive stimulus package of about $269 billion by the end of this year to support businesses affected by Corona. He promised to move away from the neo-liberalism of the past two decades and proclaimed a "new Japanese capitalism". He also plans to work on changes in tax laws and ways to increase the income of the people.