'Necessary to show...': Japan PM Fumio Kishida steps away from contesting party's leadership elections, here's why

Japanese Prime Minister Fumio Kishida has promulgated that he would seek re-election in the ruling Liberal Democratic Party's (LDP) leadership election, which is slated to be held in September, NHK News reported on Wednesday, i.e., August 14. 

The LDP, which is the governing party in Japan, will select its next leader to succeed Fumio Kishida, paving the way for the country to have its new Prime Minister. 

Kishida announced his decision in a press conference held, earlier today, i.e., August 14. 

The Japanese PM said that it is necessary to show people that the LDP will change, NHK news quoted him saying. 

"In the upcoming presidential election, it's necessary to show the people that the Liberal Democratic Party will change. To this end, a transparent and open election, and free and open debate are important. The first easy-to-understand step that indicates that the LDP will change is for me to step back", Kishida said at the Press Conference. 

Heaping praise on his tenure as Prime Minister of Japan, Kisida said that his government had promoted wage increases and investment,  putting an end to 30 years of deflation

He also emphasised that his government transformed its energy policy to deal with a significant increase in electricity demand in the country. 

Addressing the media, the Japan Prime Minister also remarked that his government had implemented large-scales measures to tackle the declining birthrate. 

''I am proud that my administration was able to produce such major achievements," NHK News quoted Fumio Kishida as saying. 

What are the possible reasons behind Kishida's decision?

The announcement made by the Japanese Prime Minister follows a series of scandals within his party, LDP. The matter has significantly affected his public support, accordingly, the approval ratings declined below 20%. 

He was elected as the leader of Liberal Democratic Party in 2021, back when the Covid pandemic had taken over the world. 

Another possible reason behind Kishida's decision lies in the fact the world's fourth largest economy, Japan, has been grappling with consistent surge in inflation and a weaking yen, (Japan's currency), which triggered the disaapointment in the public.