Japan's next PM aims for snap election, stocks sink
The Peninsula
Tokyo: Japan s incoming prime minister Shigeru Ishiba said on Monday he aimed to call snap elections for October 27, as equities plunged on a strong y...
Tokyo: Japan's incoming prime minister Shigeru Ishiba said on Monday he aimed to call snap elections for October 27, as equities plunged on a strong yen and fears that tax hikes are on the cards.
Ishiba, who was set to be formally appointed as premier on Tuesday after winning the leadership of the ruling party, supports the Bank of Japan's drive to hike interest rates and has said "there is room" to raise corporate levies.
The leadership contest for the Liberal Democratic Party (LDP), which has governed almost uninterrupted for decades, went down to the wire on Friday, with right-winger Sanae Takaichi tipped to win when markets closed.
With Takaichi a fan of former prime minister Shinzo Abe's unorthodox "Abenomics" economic policies of ultra-low interest rates and tax cuts, the prospect of her winning sent stocks higher and the yen lower.
Takaichi, an arch nationalist, would also have been the first woman prime minister in a country where men still dominate politics and business.
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