LDP Plans Emergency Leadership Vote After Japan PM Ishiba Resigns

Following Japanese Prime Minister Shigeru Ishiba's resignation due to his party's poor election performance and loss of majority in both houses of parliament, senior members of the ruling Liberal Democratic Party (LDP) have begun bidding to succeed him. Former Foreign Minister Toshimitsu Motegi was the first to announce his candidacy, emphasizing the need for unity to address domestic and international challenges. Chief Cabinet Secretary Yoshimasa Hayashi also intends to run, while frontrunners Sanae Takaichi and Shinjiro Koizumi, who finished second and third respectively in the previous leadership race, are expected to face off in the upcoming October 4 election. Takaichi, known for her conservative views and opposition to Bank of Japan interest rate hikes, could become Japan's first female leader, while Koizumi would be the youngest in the modern era. Ishiba's resignation has unsettled financial markets, with the yen falling and stocks rising amid speculation that successors like Takaichi may increase government spending. The LDP is described as facing its worst crisis since its founding, underscoring the high stakes of the leadership contest.