Shinzo Abe, the longtime prime minister of Japan, announced his step down from office. He told the press on Friday that his exit from the post stemmed from health-related reasons.
Long Time Minister
Abe first joined the office in 2006 but then resigned after some time for similar health concerns. CNN reported that he has a non-curable inflammatory bowel disease, ulcerative colitis, which prompted his resignation in 2007.
BREAKING: Japanese Prime Minister Shinzo Abe resigns to undergo treatment for a chronic illness, ending his run as the country’s longest serving premier.
He held office again in 2012 and has been a significant figure in the country’s leadership ever since. And then, his re-election brought him for the third time in 2017 with a landslide vote. He retained the position again in 2019, his fourth and current term.
Abe also said that he has controlled his chronic disease for about eight years. But in June, there was a sign of the disease, according to CNN. Abe told the press that he needs to be treated. “I made a judgment that I should not continue my job as prime minister.”
As he announced his step down in a press conference, 65-year old Abe also acknowledged his one remaining year left. He said: “there are challenges to be met.”
Per a CNBC news report, an analyst from Teneo Intelligence reckoned that Abe’s successor will be having “a difficult year.” Tobias Harris wrote to CNBC that the prime minister’s replacement would have to deal with either a “re-elected Trump or the transition to a new US administration.” In addition, the new prime minister will have to deal with Japan’s pressing issues, including the country’s national security strategy, among others.
Moreover, the pandemic hit Japan’s GDP hard. It created an impact on the efforts that Abe introduced himself called ‘Abenomics.’
Abenomics and More
During Abe’s comeback in 2012, Japan’s economy slid into an idle state. He introduced what was called ‘Abenomics’ which included an aggressive approach to the economy. Here he started the so-called “three arrows” and made Japan an attractive country for foreigners to invest in.
The country’s economy picked up, and people gained confidence in his launching of “three arrows” including increased government spending, restructure of corporate governance, and extensive stimulus checks.
However, as Japan reached the status of the third-largest economy globally, the pandemic has deeply wounded the country’s GDP, as they sank into recession.