Yoshihide Suga will step down as Japan’s prime minister after just a year in office, during which his popularity plummeted as he struggled to contain Covid-19.
Suga announced on Friday that he would not seek re-election in this month’s leadership race for the ruling Liberal Democratic party, according to Toshihiro Nikai, the party’s secretary-general. The winner of that contest will lead the party in a general election that must be held by November 30.
The news extended a rally in Japanese stocks that took the benchmark Topix to a 30-year high as traders bet that the change of leadership would usher in greater stimulus.
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