Japanese stocks closed at three-decade high after Prime Minister Yoshihide Suga announced his retirement in running for the leadership of the Liberal Democratic Party and the prime minister of Japan.
Earlier today, Japan’s Prime Minister and the Liberal Democratic Party’s leader Yoshihide Suga stated that he will not run for the leadership race set to begin on September 29, 2021, which means that there will be a new leader for the Liberal Democratic Party (LDP).
Yoshihide Suga has faced criticism and plunging support ratings over slow actions on coronavirus measures and holding the 2021 Olympics despite the public’s health concerns.
Reports stated that the Japanese government is considering holding a general election on October 17. The 49th general election of members of the House of Representatives was initially scheduled on or before November 28, 2021.
Japan’s Nikkei closed at 29,128.11 points, increased 584.60 points or 2.05% to make its new high not seen since 1990.