SVE NEWS & CNBC Sharing Series – Yoshihide Suga formally voted in as Japan’s prime minister, readies ‘continuity cabinet’

Suga-Yoshihide-1.jpg

Japan’s Yoshihide Suga was voted prime minister by parliament’s lower house on Wednesday, becoming the country’s first new leader in nearly eight years, as he readied a “continuity cabinet” expected to keep about half of predecessor Shinzo Abe’s lineup.

Suga, 71, Abe’s longtime right-hand man, has pledged to pursue many of Abe’s programs, including his signature “Abenomics” economic strategy, and to forge ahead with structural reforms, including deregulation and streamlining bureaucracy.

Abe, Japan’s longest-serving premier, resigned because of ill health after nearly eight years in office. Suga served under him in the pivotal post of chief cabinet secretary.

Suga won 314 votes out of 462 cast by parliament’s lower house members. The chamber takes precedence in electing a premier over the upper house, which was also expected to pick Suga because of a ruling bloc majority.

Suga, who won a ruling Liberal Democratic Party (LDP) leadership race by a landslide on Monday, faces a plethora of challenges, including tackling Covid-19 while reviving a battered economy and dealing with a rapidly aging society.

With little direct diplomatic experience, Suga must also cope with an intensifying U.S.-China confrontation, build ties with the winner of the Nov. 3 U.S. presidential election and try to keep Japan’s own relations with Beijing on track.

Domestic media said that roughly half of the new cabinet would be people from the Abe cabinet. There will be only two women and the average age, including Suga, is 60.

Among those expected to retain their jobs are key players such as Finance Minister Taro Aso and Foreign Minister Toshimitsu Motegi, along with Olympics Minister Seiko Hashimoto and Environment Minister Shinjiro Koizumi, the youngest at 39.

“It’s a ‘Continuity with a capital C’ cabinet,” said Jesper Koll, senior adviser to asset manager WisdomTree Investments.

Abe’s younger brother, Nobuo Kishi, is likely to be tapped for the defense portfolio, while outgoing Defense Minister Taro Kono will take charge of administrative reform, a post he has held before.

Yasutoshi Nishimura, Abe’s point man on COVID-19 response, will remain economy minister, while Trade and Industry Minister Hiroshi Kajiyama, the son of a politician to whom Suga looked up as his mentor, will also retain his post, media reported.

New spokesman, structural reform

Katsunobu Kato, outgoing health minister and a close Suga ally, is expected to become chief cabinet secretary.

“Suga will continue Abe’s economic policies and there will be no short-term impact on markets,” said Kensuke Niihara, chief investment officer of State Street Global Advisors Japan.

“In the longer term, because foreign investors’ interest in Japanese stocks has been low, if he presses ahead with structural reforms and deregulations, that is a theme investors like and would be a positive surprise,” Niihara added.

Suga has criticized Japan’s top three mobile phone carriers, NTT Docomo, KDDI and SoftBank, saying they should return more money to the public and face more competition.

He has also said Japan may eventually need to raise its 10% sales tax to pay for social security, but not for the next decade.

Clues as to whether and how Suga will push ahead with reforms could come from the lineup of government advisory panels such as the Council on Economic and Fiscal Policy, Koll said.

“The ambition of Mr. Suga to speed up and reinvigorate the process (of reform) is absolutely clear, but the next layer of personnel will be interesting,” he said.

Speculation has simmered that Suga might call a snap election for parliament’s lower house to take advantage of any rise in public support, although he has said handling the pandemic and reviving the economy were his top priorities.

 

 

Sources from: CNBC

SVE NEWS is the leader in world news liberal sharing.

(Comments on this news are welcome)

2020 CWMALLS: Standard, Sharing,Ecology, Value;
2020 CWMALLS COMMODITY: Patent, Technology, Art, Intelligence;
2020 CWMALLS NEW SPECIES: Keen, Aggressive, Personality, Value;
2020 MWE FUND: Charity, Public Welfare, Responsibility;

Tips: Due to the influence of Coronavirus, the 2020 Northern Hemisphere will be very cold, so please pay attention to the CWMALLS patented products series in order to prepare for prevention; consumers, distributors, live broadcasters, opinion leaders and other partners in Europe region, North America region, Asia Pacific region, please pay attention to CWMALLS NEWS! According to the prediction of CWMALLS Weather, 2020 winter of Northern Hemisphere (especially in North American region and European region) will be much colder than previous years, the situation in the movie The Day After Tomorrow might happen, hope everyone (especially the middle-aged and elderly people with diseases like cardiovascular disease, arthritis, scapulohumeral periarthritis, etc., and friends who live in cold areas, high altitude areas and extremely cold areas) to prepare for keeping out the cold! Scientific and reasonable prevention makes life become easier and more wonderful! Meanwhile, CWMALLS® Patented Product Series is also provided with Custom Made, Personal Tailor services, and appreciated and interacted synchronously via Google, Bing, FacebookTwitter,YouTube, Pinterest , LinkedInVK and other sharing platforms; welcome worldwide web celebrities, fashion icons, opinion leaders, columnists and other friends, partners to comprehend and cooperate actively! Thank you! In 2020 CWMALLS people, CWMALLS team, CWMALLS complex will bring you more surprises and values!

Leave a Reply

Your email address will not be published. Required fields are marked *

    Top