TOKYO, 12th November, 2024 (WAM) -- Japan's Prime Minister Shigeru Ishiba pledged to push for political reforms following his re-election by parliament on Monday.
Ishiba, who heads the Liberal Democratic Party, defeated his rival Yoshihiko Noda, leader of the main opposition party, the Constitutional Democratic Party of Japan.
In a press conference, Prime Minister Ishiba said he would pursue political and party reforms and committed to implementing legislative measures by the end of this year.
He added that the new Japanese government, a minority government, plans to allocate a ¥10 trillion ($65 billion) plan by the fiscal year 2030 to boost the country's chip and artificial intelligence industries via subsidies and other financial incentives.
Ishiba also mentioned that the government planned to meet with business and labour union representatives later this month to discuss next year's annual wage negotiations.
On Thursday, Ishiba will head to Latin America to attend the Asia-Pacific Economic Cooperation (APEC) Forum in Peru, followed by the G20 Summit in Brazil, where he will meet with world leaders.
Meanwhile, after his defeat in Monday's vote, Noda vowed to "work hard to unite the opposition parties" with an eye to making gains in the upper house election.
Analysts highlight that Ishiba's new government faces three key challenges: passing the government budget this year, addressing the fallout from a financial donations scandal, and securing stability as both party leader and head of a minority government.