Here’s Who Could Replace Japan’s Ishiba If He Resigns
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Diverging Reports Breakdown
Japan PM Ishiba welcomes Trump’s ‘massive’ trade deal announcement
Indonesia will remove approximately 99% of tariff barriers on US goods. Washington will reduce the levies imposed on Indonesian goods to 19% from 32%. Certain Indonesian products that are not naturally available or domestically produced may receive lower tariffs.
Indonesia will remove approximately 99% of tariff barriers on US goods, said the White House in a statement on the agreement with Jakarta, published on Tuesday.
In return, Washington will reduce the levies imposed on Indonesian goods to 19% from 32%. Certain Indonesian products that are not naturally available or domestically produced may receive lower tariffs.
Both countries will also address Jakarta’s non-tariff barriers, making it easier for US companies to ship goods into South East Asia’s largest economy.
The White House said Indonesia will accept the US’ official vehicle safety and emissions standards for cars.
The country will also reduce barriers for medical devices and pharmaceuticals from the US to be authorised and remove restrictions on industrial commodities like critical minerals being shipped to America.
Pre-shipment inspections or verification requirements on imports of US goods will also be scrapped.
These changes will help strengthen economic and national security cooperation between the countries, while addressing “unfair trade practices”, said the White House.
Shigeru Ishiba, Japan’s rapidly diminishing PM
Shigeru Ishiba, 68, a self-confessed defence “geek”, is the son of a regional governor and is from Japan’s small Christian minority. He won the party leadership in September, on his fifth try, to become the LDP’s 10th separate prime minister since 2000. His policies on bringing down inflation and spurring growth have “flip-flopped”, Moody’s Analytics said last week. He drew ridicule after being snapped apparently napping in parliament and for failing to stand up to greet other world leaders at a gathering in South America. He also appointed only two women to his cabinet, down from five under predecessor Fumio Kishida, who was nominated for the Nobel prize in 2012. The government’s popularity ratings have plummeted, with voters angry about price rises, especially for rice that is twice as expensive as a year ago. He has been dealing with US President Donald Trump, who has imposed painful tariffs on Japanese cars, steel and aluminium.
According to media projections after elections, Ishiba’s coalition was projected to have lost its majority in the upper house, a result that might push him to resign.
Late on Sunday, he was tight-lipped about his future.
“It’s a difficult situation, and we have to take it very humbly and seriously,” Ishiba told broadcaster NHK.
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“We can’t do anything until we see the final results, but we want to be very aware of our responsibility,” Ishiba added.
The Liberal Democratic Party (LDP) has governed Japan almost continuously since 1955, but whether anyone wants to replace Ishiba is another matter.
“I wonder who else wants the job,” Masahisa Endo, politics professor at Waseda University, told AFP before the election result.
Ishiba, 68, a self-confessed defence “geek”, is the son of a regional governor and is from Japan’s small Christian minority.
Seen as a safe pair of hands, he won the party leadership in September, on his fifth try, to become the LDP’s 10th separate prime minister since 2000, all of them men.
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Ishiba pledged to “create a new Japan” and revitalise depressed rural regions, and to address the “quiet emergency” of Japan’s shrinking population.
He immediately called lower house elections for October but that backfired spectactularly, with the LDP suffering its worst result in 15 years.
That robbed the LDP and its coalition party Komeito of their majority, forcing them to bargain with opposition parties to pass legislation.
Ishiba’s policies on bringing down inflation and spurring growth have “flip-flopped”, Stefan Angrick at Moody’s Analytics said last week.
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The government “boxed itself in, promising only some belated and half-hearted financial support that will do little to improve the demand outlook,” Angrick said.
The government’s popularity ratings have plummeted, with voters angry about price rises, especially for rice that is twice as expensive as a year ago.
– Clumsy ways –
Ishiba, the father of two daughters, also appointed only two women to his cabinet, down from five under predecessor Fumio Kishida.
Ishiba’s sometimes clumsy ways — ranging from the less-than-perfectly tidy arrangement of his tuxedo to his table manners — have also been rich fodder for social media memes.
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He drew ridicule after being snapped apparently napping in parliament and for failing to stand up to greet other world leaders at a gathering in South America.
Worse was a video that emerged of Ishiba eating an onigiri rice ball — a popular snack — whole and munching on it without closing his mouth.
“He eats like a three-year-old,” wroter one user on social media platform X.
– No deal –
A major challenge has been dealing with US President Donald Trump, who has imposed painful tariffs on Japanese cars, steel and aluminium.
Further levies of 25 percent on other Japanese imports — up from 10 percent currently — will come into force on August 1 if there is no trade agreement.
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Ishiba secured an early invitation to the White House in February and has sent his tariffs envoy to Washington seven times, but there has been no deal yet.
Then-premier Shinzo Abe — dubbed a “Trump whisperer” — fared better during Trump’s first term, managing to shield Japan from any tariffs.
Abe, who was assassinated in 2022, gifted Trump a gold-coloured golf club and was a frequent guest of the US president.
According to Trump, Abe even nominated him for the Nobel prize. “There will never be another like him,” he said after Abe’s death.
bur-stu/lb
Yen wobbles as traders process trade deal and political uncertainty
The yen initially hit its strongest level since July 11 at 146.20 per dollar on the trade news. But it flipped to losses after reports Ishiba intends to step down next month following a bruising upper house election defeat. The trade deal – which lowers tariffs on auto imports and spares Tokyo from punishing new levies – affects the yen both because of what it means for the economy and also the Bank of Japan. The euro was last down 0.1% on the day at $1.1744 but still near a four-year high it touched at the start of the month. European equities rallied on hopes the trade deal with Japan could pave the way for more deals, including with Europe. The Australian dollar firmed 0.4% to $0.6581.
Summary Japan to invest $550 billion in U.S., tariffs reduced to 15%
Uncertainty over tariffs keeping forex market on edge
Japanese PM Shigeru Ishiba denies reports he would quit
TOKYO/LONDON, July 23 (Reuters) – Market focus was on the yen on Wednesday, which traded choppily as traders weighed speculation about the future of Japanese Prime Minister Shigeru Ishiba against U.S. President Donald Trump ‘s announcement of a trade deal with Japan.
The yen initially hit its strongest level since July 11 at 146.20 per dollar on the trade news but flipped to losses after reports Ishiba intends to step down next month following a bruising upper house election defeat.
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Ishiba said the reports he had already decided to resign were “completely unfounded”, and the yen recovered somewhat and was last steady on the day at 146.83 to the dollar.
The trade deal – which lowers tariffs on auto imports and spares Tokyo from punishing new levies – affects the yen both because of what it means for the economy and also the Bank of Japan, which has been cautiously raising interest rates.
“A trade deal does allow more potential for the Bank of Japan to hike interest rates this year,” said Jane Foley, head of FX strategy at Rabobank. “That’s a yen positive and clearly makes a move back to 150 (yen per dollar) harder.”
“When there was trade and political uncertainty, clearly they weren’t going to do anything. Of course we haven’t sidestepped all the political uncertainty, and that’s going to stop the BOJ from making any hasty decisions, but no one was expecting anything hasty anyway.”
Moves in other currencies were pretty muted due to the uncertainty around tariffs, as well as doubts about how currencies would react even if there were there any greater certainty.
The U.S. dollar has been one of the biggest losers since Trump announced sweeping tariffs on trading partners on April 2, weakness which continued as those duties were suspended to allow further negotiations, but which has petered out somewhat this month.
The euro was last down 0.1% on the day at $1.1744 but still near a four-year high it touched at the start of the month. Sterling was up a touch at $1.1354.
In contrast to the euro, European equities rallied on hopes the trade deal with Japan could pave the way for more deals, including with Europe.
Trump said negotiators from the European Union would be in Washington on Wednesday.
The European Central Bank meets on Thursday, but is unlikely to have a dramatic effect on the currency and is expected to hold rates steady.
Improved sentiment towards the global economy from the trade deal, as well as higher metal prices, boosted the Australian dollar, although sentiment remained cautious. The Aussie firmed 0.4% to $0.6581.
Reporting by Rocky Swift in Tokyo and Alun John in London; Editing by Shri Navaratnam, Jacqueline Wong, Kim Coghill and Sharon Singleton
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Who could replace Japan’s Ishiba as leader of the ruling party?
Japan’s Prime Minister Shigeru Ishiba plans to announce his resignation by the end of next month. That step would trigger a leadership race in his Liberal Democratic Party (LDP) The winner faces a parliament vote to become prime minister of the world’s fourth-largest economy. However, the selection process may not be smooth, since the LDP and its junior coalition partner Komeito lack a majority in both houses of parliament. Here are the potential candidates: Sanae Takaichi, Shinjiro Koizumi, Yoshimasa Hayashi, Katsunobu Kato, Hiroshi Motegi and Yoshitsu Hayashi.
That step would trigger a leadership race in his Liberal Democratic Party (LDP), with the winner facing a parliament vote to become prime minister of the world’s fourth-largest economy.
TOKYO (Reuters) -Japan’s Prime Minister Shigeru Ishiba plans to announce his resignation by the end of next month, media said on Wednesday, following a bruising defeat in an upper house election.
Here are the LDP lawmakers who might throw their hats in the ring:
SANAE TAKAICHI, 64:
A Yomiuri newspaper poll following Sunday’s election showed Takaichi as the top pick for prime minister in an LDP-led government, with 26% of votes, followed by farm minister Shinjiro Koizumi, at 22%.
Representing the party’s right wing, she lost to Ishiba in the September leadership race in a run-off vote. Takaichi previously served as Japan’s economic security minister, internal affairs minister and the LDP’s policy council chief.
She is known for her conservative views, such as revising the pacifist constitution, and is a regular visitor to the Yasukuni war shrine, viewed by some Asian neighbours as a symbol of past militarism.
She also opposes allowing women to retain their maiden names, saying it would undermine tradition.
Takaichi courted controversy in 2016 when she suggested the government could revoke broadcasting licences of media companies deemed to be politically biased.
SHINJIRO KOIZUMI, 44:
The son of a former prime minister and heir to a political dynasty with a hand in governing Japan for more than a century, he would become its youngest prime minister in eight decades if he succeeded Ishiba.
Koizumi also ran in the last party leadership race, presenting himself as a reformer able to restore public trust in a party mired in scandal.
Unlike Takaichi, who left government after her defeat in that contest, the Columbia University-educated Koizumi stayed close to Ishiba as his agriculture minister, overseeing the release of rice stockpiles in a bid to curb soaring prices of the staple.
TOSHIMITSU MOTEGI, 69:
A former foreign minister, Motegi has a reputation as a tough negotiator and handled talks with U.S. Trade Representative Robert Lighthizer when President Donald Trump was last in office.
He has also served as trade minister, economy minister and the party’s secretary general.
He studied at the Harvard Kennedy School and worked at the Yomiuri newspaper and consulting firm McKinsey before entering politics in 1993.
Other potential candidates include Chief Cabinet Secretary Yoshimasa Hayashi, 64, and Finance Minister Katsunobu Kato, 69.
(Reporting by Tim Kelly and Satoshi Sugiyama; Editing by Clarence Fernandez)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content.
Who could replace Japan’s Ishiba as leader of the ruling party?
Japan’s Prime Minister Shigeru Ishiba plans to announce his resignation by the end of August. That step would trigger a leadership race in his Liberal Democratic Party (LDP) The winner faces a Parliament vote to become prime minister of the world’s fourth-largest economy. But the selection process may not be smooth, since the LDP and its junior coalition partner Komeito lack a majority in both houses of Parliament. Here are the lawmakers who might throw their hats in the ring: Sanae Takaichi, 64; Shinjiro Koizumi, 44; Toshimitsu Motegi, 69; and Katsunobu Kato, 69.
Japan’s Prime Minister Shigeru Ishiba attends a press conference at the headquarters of the Liberal Democratic Party in Tokyo on July 21.
TOKYO – Japan’s Prime Minister Shigeru Ishiba plans to announce his resignation by the end of August, media said on July 23, following a bruising defeat in an Upper House election.
That step would trigger a leadership race in his Liberal Democratic Party (LDP), with the winner facing a Parliament vote to become prime minister of the world’s fourth-largest economy.
However, the selection process may not be smooth, since the LDP and its junior coalition partner Komeito lack a majority in both houses of Parliament.
Here are the LDP lawmakers who might throw their hats in the ring:
Sanae Takaichi, 64
A Yomiuri newspaper poll following July 20’s election showed Ms Takaichi as the top pick for prime minister in an LDP-led government, with 26 per cent of votes, followed by farm minister Shinjiro Koizumi, at 22 per cent.
Representing the party’s right wing, she lost to Mr Ishiba in the September leadership race in a run-off vote. Ms Takaichi previously served as Japan’s economic security minister, internal affairs minister and the LDP’s policy council chief.
She is known for her conservative views, such as revising the pacifist Constitution, and is a regular visitor to the Yasukuni war shrine, viewed by some Asian neighbours as a symbol of past militarism.
She also opposes allowing women to retain their maiden names, saying it would undermine tradition.
Ms Takaichi courted controversy in 2016 when she suggested the government could revoke broadcasting licences of media companies deemed to be politically biased.
Shinjiro Koizumi, 44
Mr Shinjiro Koizumi also ran in the last party leadership race, presenting himself as a reformer able to restore public trust in a party mired in scandal. PHOTO: BLOOMBERG
The son of a former prime minister and heir to a political dynasty with a hand in governing Japan for more than a century, he would become its youngest prime minister in eight decades if he succeeded Mr Ishiba.
Mr Koizumi also ran in the last party leadership race, presenting himself as a reformer able to restore public trust in a party mired in scandal.
Unlike Ms Takaichi, who left government after her defeat in that contest, the Columbia University-educated Mr Koizumi stayed close to Mr Ishiba as his agriculture minister, overseeing the release of rice stockpiles in a bid to curb soaring prices of the staple.
Toshimitsu Motegi, 69
A former foreign minister, Mr Motegi has a reputation as a tough negotiator and handled talks with US Trade Representative Robert Lighthizer when President Donald Trump was last in office.
He has also served as trade minister, economy minister and the party’s secretary general.
He studied at the Harvard Kennedy School and worked at the Yomiuri newspaper and consulting firm McKinsey before entering politics in 1993.
Other potential candidates include Chief Cabinet Secretary Yoshimasa Hayashi, 64, and Finance Minister Katsunobu Kato, 69. REUTERS