Former minister announces candidacy after Japanese Prime Minister Shigeru Ishiba resigns

Former Japanese Foreign Minister Toshimitsu Motegi announced today his candidacy for the leadership of the ruling party and de facto prime minister of the world's fourth largest economy, a day after the resignation of Shigeru Ishiba.

Ishiba, who came to power less than a year ago, resigned on Sunday, plunging the country into a period of uncertainty. Japan is already struggling with rising inflation and tariffs imposed by the United States on its exports.

The conservative Liberal Democratic Party (LDP), which has held virtually unchallenged power in Japan for decades, must now hold internal elections, which could be held in early October.

Motegi was the first to announce his intention to run, expressing his desire to "move Japan forward by solving difficult problems at home and abroad."

The LDP suffered another electoral debacle in July, losing its majority in the upper house of parliament, just months after a similar situation in the lower house.

Ishiba had previously resisted calls from party members to resign, but his position had become untenable, according to Japanese media.

In addition to Motegi (69), a former LDP secretary-general and former trade minister, several other prominent figures could run in the coming days.

One of the likely candidates is Sanae Takaichi (64), a radical nationalist with ultra-conservative views, who would become Japan's first female prime minister.

Another possible candidate is Shinjiro Koizumi (44), the son of a former prime minister, most recently in charge of lowering rice prices as agriculture minister in the Ishiba government.

The LDP is expected to decide this week on the exact method for electing its new president, a party official told AFP.

Once elected, the new LDP leader will still need the approval of both houses of parliament to become Prime Minister of Japan.

Shigeru Ishiba's successor will face difficult issues such as a rapidly aging population, colossal public debt and an economy on the brink of recession.

Japan is also under pressure from its American ally to further increase its military spending and take a more assertive stance in the event of a conflict with China over Taiwan.