Tokyo [Japan], August 14 (HBTV): Japanese Prime Minister Fumio Kishida has announced his decision not to run in the ruling Liberal Democratic Party's leadership election next month, NHK News reported.

Kishida explained his decision in a news conference on Wednesday.

The prime minister said: "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 lauded the achievements of his government saying that they had promoted wage increases and investment to put an end to 30 years of deflation. Kishida also said that his government transformed its energy policy to deal with a significant increase in electricity demand. He also told the media that during his tenure the government had implemented large-scale measures to deal with the declining birthrate and significantly strengthened Japan's defence capability.

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

Kishida also said that he would support a new leader. According to Japan Today, 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.

Kishida assumed the Prime Minister's job in October 2021. His announcement to step down follows a political funding scandal within the LDP. The scandal centres on alleged unreported political funds raised through tickets sold for party events. It involved more than 80 LDP lawmakers. 

(ANI)