Reactions to the resignation of Japanese Prime Minister Fumio Kishida – NBC New York

• “The prime minister is a true friend of the United States, and Japan has become a true global partner for America,” US Ambassador to Japan Rahm Emanuel said on social media platform X.
• Australian Prime Minister Anthony Albanese paid a similar tribute to Fumio Kishida.
• One expert said the move was reminiscent of US President Joe Biden’s withdrawal from the presidential race less than a month ago.

Japanese Prime Minister Fumio Kishida is stepping down in September, a move that has sparked a wide range of reactions from government officials and analysts.

By choosing not to run for re-election as leader of Japan’s ruling Liberal Democratic Party, Kishida effectively left the door open for a new prime minister to take over the world’s fourth-largest economy.

One expert said the move was reminiscent of US President Joe Biden’s withdrawal from the presidential race less than a month ago.

“To me, this is Kishida ‘pulling a Joe Biden’ and realizing (wisely) that he is not the best face for his party during the election,” said William Pesek, author of Japanization: What the World Can Learn from Japan’s Lost Decades. “

While Biden withdrew following a disastrous debate, Kishida’s tenure was haunted by a scandal involving his party as well as an economy prone to deflationary pressures.

The leader of Japan’s main opposition party, the Democratic Constitutional Party of Japan, noted that these issues “have not yet been resolved” and promised that his party would continue to take action on them. However, Izumi thanked Kishida for his hard work, adding “Prime Minister Kishida, you must have been under a lot of pressure.”

In a news conference on Wednesday, Kishida said it was important for the PLD to have a new face in leadership and that he felt the need to resign in order for the PLD to regain public trust, according to a Reuters translation.

Still, diplomats and issued officials thanked Kishida for his leadership, reflecting on the relations they developed with Japan during his time as prime minister.

“The prime minister is a true friend of the United States, and Japan has become a true global partner for America,” US Ambassador to Japan Rahm Emanuel said on social media platform X.

“Under Prime Minister Kishida’s steadfast leadership, Japan and the United States have ushered in a new era of alliance relations,” Emanuel said, adding that Kishida has helped build a network of security partnerships and alliances in the Indo-Pacific region.

Australian Prime Minister Anthony Albanese similarly thanked his Japanese counterpart.

“I pay tribute to my friend Prime Minister Fumio Kishida. He has always valued the vital relationship between Japan and Australia, and his leadership has helped strengthen it,” he said.

The UAE Ambassador to Japan, Shihab Alfaheem, noted his appreciation for Kishida’s efforts and the development of relations between their countries, which he said had made great progress. “Always looking to strengthen our relationship,” he posted on X.

One strategist claimed Kishida’s resignation was on the cards.

“He was a dead man walking for a long time. And I think what really bothered him at the end was the weakness of the yen, it was basically the policy mistakes of the BOJ that really got him out of the polls,” Amir said Anvarzadeh, market. strategist at Asymmetric Advisors.

The Bank of Japan recently raised its benchmark interest rate to “around 0.25%” from the previous range of 0% to 0.1%, marking the Bank of Japan’s highest rates since 2008. This triggered a sudden strengthening of the yen and an aggressive unwinding of the yen-backed carry trade, which played a role in the recent dramatic sell-off in global markets.

“It was as if the BoJ had ended the prime minister’s mandate,” Crédit Agricole Corporate and Investment Bank said in a note.