BREAKING: Yoshihide Suga has been elected as Japan's Prime Minister, becoming the country's first new leader in nearly eight years and facing a raft of challenges including reviving an economy battered by the COVID-19 crisis.
has been elected as Japan's Prime Minister, becoming the country's first new leader in nearly eight years and facing a raft of challenges including reviving an economy battered by the COVID-19 crisis.Bloomberg
With little direct diplomatic experience, Suga must also cope with an intensifying US-China confrontation, build ties with the winner of the November 3 US presidential election and try to keep Japan's own relations with Beijing on track. Abe's younger brother, Nobuo Kishi, is likely to be tapped for the defence portfolio, while outgoing Defence Minister Taro Kono will take charge of administrative reform, a post he has held before.
"Suga will continue Abe's economic policies and there will be no short-term impact on markets," said Kensuke Niihara, chief investment officer of State Street Global Advisors Japan. He has also said Japan may eventually need to raise its 10 per cent sales tax to pay for social security, but not for the next decade.
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