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Shigeru Ishiba, the man set to become the next leader of Japan, has made a career as a political outsider and opponent of party orthodoxy. However, some experts doubt that the former defense minister will manage to govern as such. The election ultimately came down to a runoff in which Ishiba defeated economic security minister Sanae Takaichi, who presented herself as the more Abenomics-aligned candidate. Japan's parliament is expected to formally vote Ishiba into the role Tuesday. He also reportedly suggested he would follow Prime Minister Fumio Kishida's approach of trying to pull Japan out of years of deflationary pressures.
Persons: Shigeru Ishiba, Shinzo Abe, Abe, Tobias Harris, Ishiba, Sanae Takaichi, he's, Sayuri Shirai, Takaichi, there's, Fumio, Shirai Organizations: Liberal Democratic Party, Bank of, LDP, Japan Foresight, Keio University Locations: Tokyo, Japan, Abenomics
TOKYO — Japan’s incoming prime minister, Shigeru Ishiba, said Monday that he will call a general election for Oct. 27 following his victory in one of the closest-ever leadership races for the governing Liberal Democratic Party. Lawmakers there will meet on Tuesday to confirm Ishiba as the country’s next prime minister. Ishiba on Monday began picking government and party officials who will contest the upcoming general election with him. Ishiba, 67, won the LDP leadership race on his fifth attempt with strong backing from rank-and-file members. Before his runoff election against Takaichi on Friday, Ishiba apologized to LDP lawmakers for his “shortcomings.”
Persons: Shigeru Ishiba, Ishiba, ” Ishiba, Katsunobu Kato, Yoshimasa Hayashi, Takeshi Iwaya, Gen Nakatani, Yoji, Takaichi, , Hiroshi Shiratori, Shinjiro Koizumi, Yoshihide Suga, Koizumi Organizations: Liberal Democratic Party, U.S, Reuters, Media, Hosei University, Takaichi Locations: TOKYO, Tokyo
Yen steadies, dollar slips as China reaches for stimulus
  + stars: | 2024-09-30 | by ( ) www.cnbc.com   time to read: +3 min
Japanese 10,000 yen banknotes and U.S. one-hundred dollar banknotes are arranged for a photograph in Tokyo, Japan. The yen slipped about 0.4% to 142.75 per dollar after jumping 1.8% on Friday. European inflation data on Tuesday and Chinese data due later on Monday are also keenly awaited. The New Zealand dollar was up 0.3% at $0.6360 after hitting its highest since December on Friday. "The trend over next year or so is for the dollar to go down," said Commonwealth Bank of Australia strategist Joe Capurso.
Persons: Shigeru Ishiba, Ishiba, Ray Attrill, Joe Capurso Organizations: Liberal Democratic Party, NHK, Bank of Japan, National, New, New Zealand, U.S, U.S . Federal, Commonwealth Bank of Australia Locations: Tokyo, Japan, National Australia, China, U.S .
Japan's August retail sales climbed 2.8% year on year, beating Reuters poll estimates of a 2.3% rise, and up from a revised 2.7% rise in July. Ishida had beaten Economic Security Minister Sanae Takaichi in the final round of the Liberal Democratic Party election on Friday, sending the yen into a volatile session. A higher interest rate typically strengthens the yen and puts pressure on Japanese stock markets, which are heavily weighted by exporters. Chinese rally puts pressureThe Nikkei's decline on Monday also comes at a time when China's markets have been surging. Stock Chart Icon Stock chart icon
Persons: Shigeru Ishiba, Ishida, Sanae Takaichi, Ryota Abe, Takaichi, Ishiba, Abe, Steven Glass, CNBC's Organizations: Economic, Liberal Democratic Party, Bank of Japan, Sumitomo Mitsui Banking Corporation, CNBC, Bank of, Pella Funds Management, CSI Locations: Tokyo, Japan, Pella, Hong
Newly-elected leader and sitting chairperson of the Liberal Democratic Party (LDP) Shigeru Ishiba speaks during a press conference following his election in the party leadership elections on September 27, 2024 in Tokyo, Japan. Lawmakers there will meet tomorrow to confirm him as the country's next prime minister. Japan's incoming prime minister, Shigeru Ishiba, said on Monday he will call a general election for Oct. 27 following his victory in one of the closest ever leadership races for the ruling Liberal Democratic Party. Ishiba on Monday began picking government and party officials who will contest the upcoming general election with him. Ishiba, 67, won the LDP leadership race on his fifth attempt with strong backing from rank-and-file members.
Persons: Shigeru Ishiba, Ishiba, Katsunobu Kato, Yoshimasa Hayashi, Takeshi Iwaya, Gen Nakatani, Yoji, Takaichi, Hiroshi Shiratori, Shinjiro Koizumi, Yoshihide Suga, Koizumi Organizations: Liberal Democratic Party, U.S, Reuters, Media, Hosei University, Takaichi Locations: Tokyo, Japan
Ishiba, a straight-talking former defense minister, will take office on Tuesday when Prime Minister Fumio Kishida and his cabinet ministers resign and Ishiba is elected his successor by members of the LDP-controlled parliament. He is also contending with a complicated security environment in the Asia-Pacific region, where the U.S. has been strengthening ties with Japan and other allies in an effort to counter China’s growing power. After no candidate received a majority in the first round of voting, Ishiba won in a runoff against economic security minister Sanae Takaichi, 63, who would have been Japan’s first female prime minister. This was Ishiba’s fifth time running for party leader. In addition to being a realist, Ishiba is also an idealist who has never been tainted by scandal, Cucek said.
Persons: Shigeru Ishiba, Fumio Kishida, Ishiba, Hiro Komae, Kishida, Kishida “, ” Ishiba, Sanae Takaichi, Takaichi, , Michael Cucek, Cucek, ” Cucek, , Lin Jian, Lin, Arata Yamamoto, Jennifer Jett Organizations: Liberal Democratic Party, LDP, Liberal Democratic Party’s, Getty, Temple University, NATO, U.S, Yasukuni, Foreign Ministry Locations: TOKYO, U.S, Ishiba, Asia, Pacific, Japan, North Korea, Tokyo, AFP, United States, Japanese, Tottori, South Korea, Philippines, Australia, China, Taiwan, Beijing, East Asia, Phuket, Thailand
CNBC Daily Open: More all-time highs? Yes please
  + stars: | 2024-09-27 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +2 min
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Why are Treasury yields rising? Treasury yields tend to move in tandem with interest rates. When the U.S. Federal Reserve cut interest rates last week, it's not unreasonable to expect Treasury yields to dip.
Persons: Hong, it's, they've, Jeff Cox, Sam Altman, Bret Taylor, Sarah Friar, OpenAI's, Ishiba, Shigeru Ishiba, Sanae Takaichi Organizations: CNBC, Major, CSI, Treasury, U.S . Federal Reserve, Altman, PM, Liberal Democratic, Bank of, People's Bank of China, Barclays Locations: Major U.S, Asia, Pacific
Candidates in the upcoming leadership race for the ruling Liberal Democratic Party (LDP) join hands after giving speeches for the Liberal Democratic Party presidential election in Osaka, Japan on September 18, 2024. Japan's ruling party will elect the successor to outgoing Prime Minister Fumio Kishida on Friday in a race likely to decide the next leader of the nation. Kishida had thrown the Liberal Democratic Party for a loop when he announced in August that he would not be running for its top office, effectively ending his three-year term. The party has a majority in both chambers of the legislature, effectively ensuring its chief becomes the next prime minister. Polls suggest that the favorites in the election include ex-environment minister Shinjiro Koizumi, economic security minister Sanae Takaichi and former defense minister Shigeru Ishiba.
Persons: Japan's, Fumio Kishida, Kishida, Shinjiro Koizumi, Sanae Takaichi, Shigeru Ishiba Organizations: Liberal Democratic Party, Liberal Democratic Locations: Osaka, Japan
Shigeru Ishiba is set to be appointed Japan's prime minister on Tuesday. Ishiba has previously suggested that Japan's military pact with the US should be overhauled. AdvertisementShigeru Ishiba, a former defense and agriculture minister, is set to become Japan's next prime minister. AdvertisementHis leadership is likely to transform Japan's military alliance with the US, as well as have wider implications for the region's security. However, Japan's military is beset by recruiting challenges and is experiencing manpower shortages.
Persons: Shigeru Ishiba, Japan's, Ishiba, , Fumio Kishida Organizations: Liberal Democratic Party, Service, LDP, Reuters, Wall Street, Washington, Foreign Relations, NATO, Guardian, Japan's Yomiuri Locations: Japan, Taiwan, China
CNN —Japan’s ruling party will elect its new leader Friday, and the winner will become the country’s next prime minister. Prime Minister Fumio Kishida is not in the running after his surprise announcement last month that he would step down following a series of political scandals that fueled calls for him to resign. With the upcoming US presidential election, the new prime minister will navigate Japan’s relations with a new American leader at a time of growing security challenges in Asia, including an increasingly assertive China and a belligerent North Korea. Koizumi, 43, is the US-educated, charismatic son of popular former prime minister Junichiro Koizumi, and could be Japan’s youngest prime minister of the post-war period. He sits on the more progressive wing of the conservative party.
Persons: CNN —, Shinjiro Koizumi, Shigeru Ishiba, Fumio Kishida, haven’t, Kishida, , Koizumi, ” Yu Uchiyama, Margaret Thatcher, Shinzo Abe, , Junichiro Koizumi, acceding, Ishiba Organizations: CNN, Liberal Democratic Party, LDP, Partnership, Tokyo University, Reuters, Bank of, NATO Locations: Japan, China, Japan’s, American, Asia, North Korea, Pacific, South Korea, Bank of Japan
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLDP election unlikely to affect small-cap Japanese stocks, but it might affect the Yen: AmundiHiromi Ishihara of Amundi Japan discusses how the Japanese Liberal Democratic Party presidential election might affect the Japanese markets, future interest rate policy by the Bank of Japan, and her year-end target for the Yen.
Persons: Amundi Hiromi Ishihara Organizations: Amundi, Japanese Liberal Democratic, Bank of Japan Locations: Amundi Japan
Bitcoin jumps while Japan holiday dulls most currencies
  + stars: | 2024-09-23 | by ( ) www.cnbc.com   time to read: +4 min
The Bank of Japan left interest rates unchanged last week and indicated it was not in a hurry to hike them again. That decision, coming just days after the Fed's 50 basis points rate cut, put a pause to the yen's sharp gains this month. With Japan closed for Autumnal Equinox Day, the main driver of trade was expectations around further Fed rate cuts and the gains those have spurred in equities, commodity currencies and other risk assets. The Fed's rate cut "appears to have calmed market fears of a U.S. recession", Goldman Sachs said in a note. Meanwhile, the majority of economists polled by Reuters anticipate two more 25 bps rate cuts at the Fed's final two meetings this year.
Persons: Bitcoin, Goldman Sachs, Christopher Waller, Fumio Kishida, Takaichi —, , Shigeru Ishiba, Shinjiro Koizumi, Junichiro Koizumi, Takaichi, pare Organizations: Federal, Bank of Japan, Japan, U.S, U.S ., FedWatch, Treasury, Reuters, House Republicans, Liberal Democratic Party, Barclays, The Bank of Locations: United States, Japan, U.S, The Bank of England
Yen nurses losses as BOJ meets, dollar dogged by rate outlook
  + stars: | 2024-09-20 | by ( ) www.cnbc.com   time to read: +3 min
Japanese 10,000 yen, left, and US 100 dollar banknotes arranged for a photograph in Tokyo, Japan, on Friday, May 10, 2024. It has been a tough week for the yen, with the euro gaining 2.2% to 159.46 as speculators booked profit on recent long yen positions. The dollar was up 1.4% for the week at 142.84 yen , though off an overnight high of 143.95. "As such, there is scope to further raise the policy rate while keeping financial conditions accommodative," she said. "The recent financial market ructions and the upcoming Liberal Democratic Party election may make the BOJ more cautious about raising."
Persons: Samara Hammoud, Kazuo Ueda, Sterling Organizations: Bank of, U.S ., CBA, 25bp, Liberal Democratic Party, U.S Locations: Tokyo, Japan, Bank of Japan, Samara, China, U.S . Federal, Bank of England
Currencies listless as markets waffle over Fed rate cut
  + stars: | 2024-09-16 | by ( ) www.cnbc.com   time to read: +4 min
A quarter-point reduction by the Fed as it kicks off its rate cuts is still seen as the slightly more likely outcome, but only marginally so. Futures price a total of 125 basis points in rate cuts in 2024. Investors are also looking to the Bank of Japan's interest rate decision on Friday, when it is expected to keep its short-term policy rate target steady at 0.25%. Bank of Canada Governor Tiff Macklem meanwhile opened the door to stepping up the pace of interest rate cuts, the Financial Times reported on Sunday. The BoC, after keeping its key policy rate at 5%, a more than two-decade high, for a year, has trimmed it by a quarter point three times in a row since June.
Persons: Chris Weston, Fumio Kishida, Sanae Takaichi, Christine Lagarde, Philip R, Lane, Luis de Guindos Organizations: U.S, Bank of England, Bank of Japan, Treasury, Fed, FedWatch, Bank of, Liberal Democratic Party, Sterling, European Central Bank, ECB, Bank of Canada, Financial Times, BoC Locations: Japan, Asia, China, South Korea
Japanese former Defense Minister Shigeru Ishiba speaks during a press conference at the Foreign Correspondents' Club of Japan on Sept. 6, 2024 in Tokyo, Japan. Tomohiro Ohsumi | Getty Images News | Getty ImagesFormer defense minister Shigeru Ishiba is corporate Japan's top choice to replace Prime Minister Fumio Kishida, edging out Sanae Takaichi, who strives to become the nation's first female premier, a Reuters survey showed on Thursday. About 24% of respondents named Ishiba as the most desirable candidate, compared with 22% for Economic Security Minister Takaichi and 16% for Shinjiro Koizumi, the 43-year-old son of former premier Junichiro Koizumi. watch nowIshiba generally fares better than Koizumi in public opinion polls, but Koizumi has often come out on top among LDP supporters. Ishiba has held cabinet portfolios for agriculture and reviving local economies besides serving as defense minister and LDP policy chief.
Persons: Shigeru Ishiba, Tomohiro Ohsumi, Fumio Kishida, Sanae Takaichi, Kishida, Takaichi, Shinjiro Koizumi, Junichiro Koizumi, Koizumi, Ishiba, Kazuo Ueda Organizations: Defense, Foreign, Club of Japan, Getty, Former, Liberal Democratic Party, LDP, Economic Security, Bank of Japan Locations: Tokyo, Japan, United States
Japan's Environment Minister Shinjiro Koizumi delivers a speech during a press conference at the prime minister's office in Tokyo on September 17, 2020. Charly Triballeau | AFP | Getty ImagesJapan's ruling Liberal Democratic Party is set to elect a new leader in September and, by extension, the country's next prime minister. Along with 49-year-old Takayuki Kobayashi, who has already announced his candidacy, the two contenders are seen as the choices for generational change in the party election. Nishimura said Koizumi stands a good chance of gaining votes from both LDP Diet members as well as rank-and-file members across Japan. The winner of the LDP election will need to secure a majority of the vote.
Persons: Shinjiro Koizumi, Charly Triballeau, Junichiro Koizumi, Takayuki Kobayashi, Koizumi, Rintaro Nishimura, Nishimura, getters Organizations: AFP, Getty, Liberal Democratic Party, The Asia Group, Diet Locations: Tokyo, Fukushima, Japan
TOKYO — Japanese Prime Minister Fumio Kishida, in a surprise move Wednesday, announced he will not run in the upcoming party leadership vote in September, paving the way for Japan to have a new prime minister. Kishida was elected president of his governing Liberal Democratic Party in 2021 and his three-year term expires in September. His drop out of the race means a new leader who wins the party vote will succeed him as prime minister because the LDP controls both houses of parliament. Local election losses earlier in the year eroded his clout, and LDP lawmakers have voiced the need for a fresh face ahead of the next general election. It involved more than 80 LDP lawmakers, mostly belonging to a major party faction previously led by assassinated former Prime Minister Shinzo Abe.
Persons: Fumio Kishida, Kishida, Shinzo Abe, Organizations: Liberal Democratic Party Locations: TOKYO, Japan
Japan's Prime Minister Fumio Kishida announced Wednesday he will not be running in the Liberal Democratic Party presidential election due next month. He added that he felt the need to step down in order for the LDP to regain the public's trust. The prime minister also pledged to fully support the new leader. Kishida's decision to not run for reelection effectively means he would step down as prime minister when the party elects a new leader. According to the latest opinion poll by NHK, the number of people who "support" the Kishida cabinet stands at 25%, while 55% do not.
Persons: Fumio Kishida, Kishida Organizations: Japan's, Liberal Democratic, LDP, Kyodo, NHK
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's who could succeed Japan Prime Minister Fumio Kishida as LDP leaderSome names have emerged as potential candidates to succeed Japan’s Prime Minister Fumio Kishida after he decided to not run in the Liberal Democratic Party presidential election due next month. His announcement effectively means he would step down as prime minister when the party elects a new leader.
Persons: Fumio Kishida Organizations: Japan, Japan’s, Liberal Democratic
Japan's Prime Minister Fumio Kishida announced he will stand down. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementJapan's prime minister said on Wednesday he would quit, caving to domestic political pressure. The decision means the contest will pick a successor who will succeed him as prime minister, without a general election.
Persons: Fumio Kishida, Organizations: Japan's, Liberal Democratic Party, LDP, Service, Business Locations: Japan
Japan's Prime Minister Fumio Kishida speaks to reporters following North Korea's missile launch on April 13, 2023. JIJI Press | AFP | Getty ImagesJapanese Prime Minister Fumio Kishida is stepping down in September, a move that sparked a broad range of reactions from government officials and analysts. Still, Izumi thanked Kishida for his hard work, adding "Prime Minister Kishida, you must have been under a lot of pressure." "The prime minister is a true friend of the United States and Japan has become a true global partner for America," U.S. "I pay tribute to my friend Prime Minister Fumio Kishida.
Persons: Fumio Kishida, Japan's, Kishida, Joe Biden, he's, William Pesek, Biden, Izumi, Japan Rahm Emanuel, Kishida's, Emanuel, Anthony Albanese, Japan Shihab Alfaheem, Amir Anvarzadeh Organizations: Japan's, JIJI Press, AFP, Getty, Liberal Democratic Party, Constitutional Democratic Party of Japan, LDP, Japan, America, U.S, Alliance, Australian, Asymmetric Advisors Locations: United States, Japan, Australia
Tokyo CNN —Japanese Prime Minister Fumio Kishida will not run for a second term as leader of the long-ruling Liberal Democratic Party (LDP) next month following a series of political scandals that have fueled calls for him to resign. The most obvious first step, to show that the LDP will change, is for me to step aside,” he said. Concerns about Japan’s economy, including the weakening of the yen against the US dollar, have also undermined confidence in Kishida’s economic policies. He had previously denied he would step down as party leader despite public criticism and sinking disapproval ratings. His decision to quit comes a month before LDP elections are slated, with the date in September yet to be announced.
Persons: Fumio Kishida, Kishida, , , Joe Biden’s Organizations: Tokyo CNN, Japanese, Liberal Democratic Party, LDP, . Locations: Japan, Kishida, Ukraine
However, following the recent turmoil in Biden's party, Japan's ruling Liberal Democratic Party is now reappraising the odds of a "Trump 2.0 presidency." "I think the issue with Trump, he's very transactional, he's not very predictable. If you're Japan, they're looking at the future and wondering, 'this could be a fascinating few years for for us.'" Collateral damageA Trump presidency is concerning to Tokyo because Japan suffered from "collateral damage" during his first term, Pesek said. "Now Japan has to, in many ways, go back to the drawing board, and at least begin bracing for a Trump 2.0 presidency, which is not going down very well [in Tokyo]."
Persons: Shinz Abe, Donald Trump, Cheriss, Donald Trump's, William Pesek, Joe Biden's, Pesek, Biden, Nancy Pelosi, Trump, CEPR, He's Organizations: White, Washington , D.C, NurPhoto, Democratic, Liberal Democratic Party, Trump, Economic, Research Locations: Washington ,, Japan, Tokyo, Asia, China, North America
When Prime Minister Giorgia Meloni of Italy convenes the leaders of the Group of 7 countries on Thursday at a luxury resort hotel overlooking the Adriatic Sea, she might be forgiven for thinking her guests are seeking a refuge. Britain’s prime minister, Rishi Sunak, is three weeks away from an election in which his Conservative Party is expected to be swept out of power. President Emmanuel Macron of France has called a snap parliamentary election after his party suffered heavy losses to the far right in European elections. Chancellor Olaf Scholz of Germany and his Social Democratic Party were humbled in those elections as well, while President Biden is in a dogfight with his predecessor, former President Donald J. Trump. Even Prime Minister Fumio Kishida of Japan faces rising unrest within his Liberal Democratic Party and may lose his job this autumn.
Persons: Giorgia Meloni, Meloni, bode, Rishi Sunak, Emmanuel Macron, Olaf Scholz of Germany, Biden, Donald J, Trump, Fumio Kishida Organizations: Conservative Party, Social Democratic Party, Liberal Democratic Party Locations: Italy, Ukraine, France, Japan
In recent weeks, Trump, seizing the role of both an erstwhile diplomat and ascending opposition party leader, has extended welcomes to a series of foreign leaders at his homes in Florida and New York. It’s not unusual for foreign leaders to meet with the leader of the party that doesn’t control the White House – especially one with a serious chance of becoming commander in chief. Biden and his top envoys have also met and spoken with opposition leaders, something that has been a longstanding practice for US officials. Last week, Trump met with Poland’s Duda at Trump Tower, where the two discussed NATO spending over dinner. Trump, both while president and during his 2024 campaign, has called on NATO countries to spend more on defense.
Persons: Donald Trump, hasn’t, Trump, Andrzej Duda, David Cameron, Saudi Crown Prince Mohammed bin Salman, Taro Aso, It’s, Sen, Barack Obama, Mitt Romney, Biden, Sviatlana Tsikhanouskaya, Antony Blinken, Keir Starmer, Joe Biden, “ They’re, he’s, , Vladimir Putin, Xi Jinping, ” Biden, , Kim Jong Un, ” Trump, Brian Hughes, Viktor Orban, Putin, Javier Milei, Orban, Viktor Orbán, Orbán, Aso, Fumio Kishida, Kishida, Lindsey Graham, Salman, King Hamad bin Isa Al Khalifa, Poland’s Duda, Duda, meanwhile, Cameron, Karen Pierce, Cameron’s, Pierce didn’t, Queen Elizabeth II Organizations: CNN, Air Force, British, Saudi Crown, Middle East, Republican, UK Labour Party, US State Department, Biden, Trump, NATO, Conservative Political, Japanese, White, Liberal Democratic Party, Saudi, New York Times, South Carolina Republican, Hamas, The New York Times, Trump Tower, Republicans, Democrats, UK Locations: House, huddling, Florida, New York, Lago, Manhattan, Japan, China, North Korea, Berlin, United Kingdom, Israel, Poland, Belarus, Munich, Europe, America, Ukraine, Korean, United States, Palm, Saudi Arabia, Bahrain, American, Russia, British, Washington
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