Prime minister of Japan, Yoshihide Suga, will not run for re-election as the party leader in September.

• Yoshihide Suga had been appointed as Prime Minister in 2020 after the resignation of Shinzo Abe.
• Suga announced to end his tenure as his approval ratings dropped to an all-time low.

Japan is still under a state of emergency and is grappling with the worst ever Covid wave. It has now seen more than 1.5 million virus cases while it is witnessing a slow vaccination roll out. Decision to host the Olympics Games in 2021 despite the worsening pandemic further deteriorated the situation.

Financial markets in Japan had made gains in recent weeks. Country’s shares increased sharply on the news.  The broad Topix stock index closed up by 1.6% after hitting the highest level in three decades.

The ruling party of Japan is scheduled to hold an election to pick its president on September 29, 2021. The winner of the leadership election is expected to be Japan’s leader as LDP holds a parliamentary majority.

Yoshihide Suga, 72-year-old, was born to a family of strawberry farmers. He was first elected for Yokohama City Council in 1987. He got elected to Japan’s Diet for the first time, in 1996. In 2005, the then prime minister, Junichiro Koizumi, appointed him as senior vice of internal affairs and communication. In the following year, prime minister Shinzo Abe appointed him as minister with three cabinet posts. He held this position till 2007.