The 65-year-old Abe told reporters during a televised press conference that his health started declining around the middle of last month. Some of Abe's possible successors include Suga Yoshihide, 71, the current chief Cabinet secretary, and Finance Minister Aso Taro, 79. Data is a real-time snapshot *Data is delayed at least 15 minutes. While this did present its own issues, it allowed his party, the Liberal Democratic Party (LDP), to enact reform in a way most politicians had not dared to for decades. Japan's economy contracted at an annualized rate of 27.8% in the April to June quarter, marking its third quarter of declines. The resignation of Japanese Prime Minister Shinzo Abe, Japan’s longest-serving prime minister, could create an entry point for Japanese equities, analysts said. (If you want to contribute and have specific expertise, please contact us at opinions@cgtn.com. Shinzo Abe was born in Tokyo to a prominent political family with significant economic influence throughout pre-war, wartime and post-war Japan. In 2007, Abe resigned from office amid numerous political difficulties combined with the effects of ulcerative colitis, the same illness which led to his resignation on August 28, 2020. | AFP-JIJI Besides the response to the pandemic and economic downturn, Japan's next leader will have to contend with fresh challenges on the international stage, principally relations with the United States. TOKYO — Prime Minister Shinzo Abe of Japan said on Friday that he was resigning because of ill health, thrusting his country, during a global pandemic, into a … Abe will leave office with next year's sakura season at risk, but perhaps with a greater chance than before, of blossoming. Tokyo — Japanese Prime Minister Shinzo Abe … Abe’s resignation is prompted by neither, though, and is a result of health complications. As Abe exhibited, in an emotional resignation speech, political careers are equally fleeting. The LDP has long been the main party in Japanese politics but it is exceptionally factional, there is no guarantee that guardians of Abe legacy such as the former Minister for Foreign Affairs Fumio Kishida, playing a role as a head of LDP policy unit would have the support to succeed him. Reuters reported that plunge wiped out gains from Abenomics stimulus policies. He said he did not want his illness to get in the way of decision making, and apologised to the Japanese people for … Updated 09:19, 29-Aug-2020 Freddie Reidy Share . If operating without full authority, it may seriously hamper the ability to make essential tough choices against COVID-19 response and economic policy. The article reflects the author's opinions, and not necessarily the views of CGTN. While the pandemic has hammered economies globally, Japan was already reeling from a drop in consumer spending after it hiked the consumption tax rate in October. Japan's Prime Minister, Shinzo Abe, is displayed on a giant television screen during a press ...[+] conference in which he announced his resignation … His successor would need to reaffirm the legacy but could also face the prospect of a new U.S. president with different foreign policy ambitions. Japanese PM Shinzo Abe has announced his resignation for health reasons. /Pool via Xinhua. The prime minister, who suffers from chronic ulcerative colitis, an inflammatory bowel disease, said he was resigning because he did not want his illness to result in any policy mistakes. The prime minister's departure will kickstart a leadership race in the governing Liberal Democratic Party, with the winner to be formally elected in parliament and to serve for the rest of Abe's term. On the political arena, Shinzo Abe has overseen some troubled relations connected to Japan's military past. ... Sep 15, 2020 at 9:44 PM . While the foundations for a swift economic recovery are there, thanks to "Abenomic" reforms, a bloody political battle and impasse could perpetuate economic recession. Abe is Japan's longest serving prime minister but will leave office with many serious issues yet to be resolved. While the race for Japan's next leader is already intensifying, Abe said he would remain in office until his successor is chosen by the ruling LDP, but he stopped short of naming his preferred successor. He studied history and history of art at the University of Kent, Canterbury, specializing in Russian history and international politics. Japanese Prime Minister Shinzo Abe announced Friday he is stepping down due to worsening health, bringing an early end to his stint as the longest-serving government leader of the world's third-largest economy. Japanese Prime Minister Shinzo Abe says he will step down due to ill health His resignation comes as Japan grapples with a number of challenges, including the … Island issues with Russia and China remain unresolved. Japan's Nikkei 225 index closed 1.4% lower on Friday, while the yen strengthened against the dollar, trading at 105.8. A Division of NBCUniversal. "I needed to fight against the disease and be treated, and I was not really in a perfect state in terms of the health condition," Abe said, according to a translation. Japan is prone to short-lived premierships. Mr. Abe was able to build a partnership with U.S. President Donald Trump, indeed he was chosen as the first leader to meet with the then U.S. president-elect in 2016. A perpetually decreasing population and mass rural-urban migration had also led to rampant labor shortages for low-income jobs, addressed by new policies easing immigration. 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