Japanese PM Abe Resigns Over Worsening Health
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“The broad picture remains in tact. In terms of economic and fiscal policy, the focus remains very much on reflation,” said Jesper Koll, senior adviser to asset manager WisdomTree Investments.
“Longevity will be a struggle.”
On Monday, Abe surpassed a record for longest consecutive tenure as premier set by his great-uncle Eisaku Sato half a century ago.
“As head of the ruling party he worked hard on Abenomics for eight years,” said Naohito Kojima, 55, a brokerage employee.
“There were various problems but if someone else had been leader, it’s questionable whether they could have maintained a stable government as long as Mr Abe. He did various diplomatic negotiations and I think the pros outweighed the cons.”
Abe’s resignation also comes amid an uncertain geopolitical environment, including an intensifying confrontation between the United States and China and ahead of the U.S. presidential election in November.
Falling Support
The conservative Abe returned as prime minister for a rare second term in December 2012, pledging to revive growth with his “Abenomics” mix of hyper-easy monetary policy, fiscal spending and reforms. He also pledged to beef up Japan’s defences and aimed to revise the pacifist constitution.
Japan has not suffered the explosive surge in virus cases seen elsewhere but Abe had drawn fire for a clumsy early response and what critics see as a lack of leadership as infections spread.
In the second quarter, Japan was hit by its biggest economic slump on record as the pandemic emptied shopping malls and crushed demand for cars and other exports, bolstering the case for bolder policy action to avert a deeper recession.
Abe kept his promises to strengthen defences, boosting spending on the military after years of declines and expanding its capacity to project power abroad.
“Longevity will be a struggle.”
On Monday, Abe surpassed a record for longest consecutive tenure as premier set by his great-uncle Eisaku Sato half a century ago.
“As head of the ruling party he worked hard on Abenomics for eight years,” said Naohito Kojima, 55, a brokerage employee.
“There were various problems but if someone else had been leader, it’s questionable whether they could have maintained a stable government as long as Mr Abe. He did various diplomatic negotiations and I think the pros outweighed the cons.”
Abe’s resignation also comes amid an uncertain geopolitical environment, including an intensifying confrontation between the United States and China and ahead of the U.S. presidential election in November.
Falling Support
The conservative Abe returned as prime minister for a rare second term in December 2012, pledging to revive growth with his “Abenomics” mix of hyper-easy monetary policy, fiscal spending and reforms. He also pledged to beef up Japan’s defences and aimed to revise the pacifist constitution.
Japan has not suffered the explosive surge in virus cases seen elsewhere but Abe had drawn fire for a clumsy early response and what critics see as a lack of leadership as infections spread.
In the second quarter, Japan was hit by its biggest economic slump on record as the pandemic emptied shopping malls and crushed demand for cars and other exports, bolstering the case for bolder policy action to avert a deeper recession.
Abe kept his promises to strengthen defences, boosting spending on the military after years of declines and expanding its capacity to project power abroad.
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