The longest-serving Japanese prime minister in history, has resigned, citing health reasons.
According to Abe, “Even though there is one year to go in my tenure and there are challenges to be met, I have decided to stand down as prime minister,” said Abe at a press conference in Tokyo on Friday.
He added that he would like to apologise to the people of Japan for being unable to fulfill his duties during the Corona virus pandemic.
Abe suffers from colitis, a non-curable inflammatory bowel disease, which was also a factor in his sudden resignation as prime minister in 2007, ending his first term after just over a year in office.
On Monday morning, Abe visited Keio University Hospital in Tokyo for what was his second hospital visit in a week.
He said “For almost eight years I controlled my chronic disease, however, this year in June I had a regular check-up and there was a sign of the disease.
“I made a judgment that I should not continue my job as prime minister” said Abe.
“I need to fight the disease and need to be treated.”
Markets reacted negatively to the announcement. Japan’s benchmark Nikkei index closed down 1.4% Friday after the news broke.
It initially tumbled more than 2 percent before paring losses.
The Japanese yen, a traditional safe currency haven, rose 0.3% against the US dollar.
Following his previous resignation in 2007, Abe was reelected in 2012.
Since then he has been the dominant force in Japanese politics, winning a landslide third term in 2017 and a fourth in 2019, despite multiple scandals and plummeting popularity.
Under Abe, his right-leaning Liberal Democratic Party (LDP) has also seen major success, benefiting from the fracturing of its long-term rival Democratic Party, which split in two in 2017.
Abe leaves the LDP in control of both houses of parliament, with a large majority in the lower House of Representatives and that success should guarantee an LDP successor to Abe.
Japan is not a presidential system, instead the country’s leader is chosen by parliamentarians, so the next LDP leader, whoever that is, should have an easy path to becoming prime minister. Abe said he will remain in office until a successor is chosen.