Japan's ruling party is set to elect its new leader on Friday, with the winner poised to become the country's next prime minister. Out of a record nine candidates, three frontrunners are engaged in a closely contested race that is likely to result in a runoff vote.
The incoming leader will take charge of the world's fourth-largest economy at a time when Japan is grappling with rising living costs, exacerbated by a weak yen and high inflation. Additionally, Japan faces escalating security challenges in the region and tensions with neighboring countries, including China.
Among the top contenders vying to lead the long-standing Liberal Democratic Party (LDP) are Sanae Takaichi, the conservative economic security minister who could potentially become Japan's first female prime minister; Shinjiro Koizumi, a charismatic young politician from a prominent political family; and former defense minister Shigeru Ishiba, who is making his fifth and final bid for the top position.
The LDP, a conservative party that has been in power almost continuously since its establishment in 1955, holds a majority in the lower house of Japan's parliament, ensuring that the party's chosen candidate will be approved when the Diet convenes in October.
While general elections are scheduled for next year, the winning candidate may opt to call for a snap election before then, with some reports suggesting this could happen even before the US presidential election in November.
The current Prime Minister Fumio Kishida is not in the running following his recent announcement of stepping down amid political scandals that prompted calls for his resignation.
The incoming leader will face the task of restoring the LDP's reputation ahead of the upcoming general elections, as the party has been embroiled in one of Japan's most significant political scandals in decades.
With the US presidential election on the horizon, the new prime minister will need to navigate Japan's relations with a new American leader amidst growing security challenges in Asia, including an assertive China and a belligerent North Korea.
As the race for leadership unfolds, the candidates present distinct visions for Japan's future, with each bringing their unique perspectives and policy proposals to the forefront.
