The News
Japan’s incoming Prime Minister Shigeru Ishiba said he would call a snap election on Oct. 27, a year ahead of schedule, days after winning the ruling Liberal Democratic Party’s leadership contest.
“I believe it’s important for the new administration to be judged by the people as soon as possible,” he said at a press conference.
Japanese shares dropped over 4% in early trading in response to his victory, Reuters reported, in line with analysts’ predictions of a “very ugly” Monday for the stock market ahead of Ishiba’s inauguration on Tuesday.
Ishiba, a former defense minister, is known for his criticism of the Bank of Japan’s long-standing policy of aggressive easing and stimulus, and his support for higher taxes on companies and investment income.