Japan: Shinzo Abe Japan’s longest serving Prime Minister quits due to his poor health.
“I cannot be prime minister if I cannot make the best decisions for the people. I have decided to step down from my post,” 65 Year old Shinzo Abe, told a news conference.
Shinzo Abe has battled the disease ulcerative colitis [A chronic, inflammatory bowel disease that causes inflammation in the digestive tract ] for years and 2 recent hospital visits within a week.
The resignation of Shinzo Abe will surely trigger the leadership race in liberal Democratic Party. The new party leader will hold the post for the rest of Shinzo Abe’s term.
“The broad picture remains in tact. In terms of economic and fiscal policy, the focus remains very much on reflation,” said Jesper Koll, senior adviser to asset manager WisdomTree Investments.
“Longevity will be a struggle.”
On Monday, Abe surpassed a record for longest consecutive tenure as premier set by his great-uncle Eisaku Sato half a century ago.
“As head of the ruling party he worked hard on Abenomics for eight years,” said brokerage employee Naohito Kojima.
“There were various problems but if someone else had been leader, it’s questionable whether they could have maintained a stable government as long as Mr Abe. He did various diplomatic negotiations and I think the pros outweighed the cons.”