(Bloomberg) — Japan’s chief government spokesman said he would pursue “people-friendly politics” if he becomes national leader, increasing the field of candidates for this month’s Liberal Democratic Party leadership election to four.
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Yoshimasa Hayashi, who trails the election frontrunners in public popularity ratings, on Tuesday declared his intention to stand in the Sept. 27 poll. The leader of the LDP is all but assured of becoming prime minister because of the party’s dominance in parliament.
At least two more lawmakers are expected to formally announce their intention to take part in the election later this week. Ultimately the group of candidates is expected to be the largest in recent years by the time official campaigning begins on Sept. 12.
Hayashi’s policy views are generally in line with those of current Prime Minister Fumio Kishida, who surprised many by saying in August he wouldn’t run in the election, ending his term after nearly three years as premier. At his press conference, Hayashi said he supported fiscal spending that’s appropriate for economic growth and the use of nuclear power to ensure adequate power and combat emissions.
Here’s a look at some of the contenders to replace Kishida.
Yoshimasa Hayashi, 63
Hayashi is from the dovish wing of the ruling party and a trusted lieutenant of Kishida. He ran unsuccessfully once before in the LDP leadership race in 2012 and is considered by many political analysts to be an outsider in this year’s election. Hayashi studied at Harvard University and spent most of the Kishida administration as foreign minister.
Key policies:
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Economy: Supports fiscal spending but says it’s important to keep confidence in Japanese government bonds
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Foreign policy: Rejects criticism he’s pro-China and says he’s someone who prioritizes dialogue, including with China
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Energy: In favor of restarting nuclear power plants if their safety is confirmed
Shinjiro Koizumi, 43
The son of a former premier, Shinjiro Koizumi attracted attention in September of 2023 for surfing off Fukushima in a bid to soothe concerns over safety following the release of treated wastewater from the wrecked nuclear plant nearby. A former environment minister and proponent of renewable energy, Koizumi made headlines for becoming the first serving cabinet minister to take paternity leave. Koizumi is running first or second in many polls that ask voters who they would like to become prime minister.
Key policies
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Energy: In a recent podcast on Radio Nikkei, he said there won’t be enough electricity supply to power Japan’s economy if nuclear power plants don’t operate
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Digital: He set up a cross-party group in November to advocate for the introduction of ride-sharing apps to help resolve the shortage of taxi drivers
Shigeru Ishiba, 67
A former defense minister, Ishiba ranks high in voter surveys of popularity. In his last four tries at the top job, he has struggled to garner enough support from his fellow lawmakers to win the leadership race. In recent weeks, Ishiba has expressed support for the Bank of Japan’s normalization of monetary policy.
Key policies:
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Monetary: Has backed the BOJ’s July 31 decision to raise rates and has criticized the government’s past long-term extraordinary easing policy
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Economic: Advocates policies including reinvigorating domestic demand to spur growth, rather than relying on foreign trade
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Foreign: Has been a strong backer of democracy in Taiwan and building partnerships in the region as a way of deterrence against the likes of China
Sanae Takaichi, 63
A former heavy metal drummer turned hard-line conservative, Takaichi has cited UK Prime Minister Margaret Thatcher as an inspiration. Takaichi is among the front-runners in recent public opinion polls and is a frequent visitor to Yasukuni Shrine, which is regarded by Japan’s neighbors as a symbol of past militarism. Takaichi is currently minister for economic security.
Key policies:
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Monetary: Support for ultra-loose monetary policy of stance former Prime Minister Abe
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Energy: Ahead of 2021 LDP leadership race, she backed the use of nuclear power, especially next-generation technologies like small modular reactors
Kono Taro, 61
A former foreign and defense minister with a combatative style, Kono lost to Kishida in the last party presidential election due to a lack of backing from his parliamentary peers. Kono is in the middle of the pack in recent public opinion polls. Kono has softened his opposition to nuclear power in recent years. He also asks that his name be written in the Japanese style, with family name first.
Key policies:
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Monetary: Supports BOJ policy normalization if inflation remains in line with expectations. Has also said the weak yen is a problem for Japan
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Fiscal: Says fiscal consolidation is a priority after large stimulus spending during the pandemic
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Digital: He called for ending antiquated practices such as use of name stamps
Takayuki Kobayashi, 49
Kobayashi is considered part of the younger generation of potential leaders. He is a long shot to take over in 2024 but by running now he is letting LDP members and voters know he has his eyes set on eventually becoming premier.
Key policies:
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Monetary: Has spoken about the difficulties of absorbing bonds domestically and the need for seeking overseas investors
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Economy: Has said the “economy takes precedence over finance,” indicating that spending for growth was important.
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Trade: Expressed need for Japan to strengthen its supply chain across all industries, including for critical minerals like lithium and cobalt that are necessary in energy transition technologies
Toshimitsu Motegi, 68
A party heavyweight who recently said the BOJ should more clearly show its intention to normalize monetary policy, Motegi is currently the secretary-general of the LDP. A former foreign minister, he’s also a Harvard graduate and has a tough guy image within the party. Motegi doesn’t feature among the leaders in most public opinion polls.
Key policies:
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Monetary: Has said BOJ should more clearly show its intention to normalize monetary policy in order to support the yen, as the weak currency might drive up prices
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Fiscal: As party secretary-general, Motegi has been a backer of current fiscal policies and is likely to support the status quo. He has advocated returning some of Japan’s increased tax revenues to the people via direct tax cuts
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Foreign: As foreign minister, Motegi showed support for peace in the Taiwan Strait, while also planning for contingencies
Katsunobu Kato, 68
The former health minister is the type of person who could emerge as a compromise candidate. The seven-term lawmaker helped guide Japan through the Covid-19 pandemic, when the country fared better than most of its Group of Seven peers. Kato has not ruffled a lot of feathers in the ruling party, which could work in his favor, while playing key roles under the last three premiers.
Key policies:
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Monetary policy: In a Bloomberg interview, he said Japan should continue to aim for a world where interest rates and prices keep moving
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Economic policy: Aims for sustainable growth by making major investments to boost productivity
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Fiscal policy: Maintains a balanced approach to managing fiscal health and seeking growth
Yoko Kamikawa, 71
Kamikawa is a Harvard graduate who ran her own consulting firm before going into politics. She is known for her efforts to promote women candidates, which is an uphill battle given that only about 12% of LDP lawmakers are female.
Key Policies:
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Fiscal: She supported active fiscal spending ahead of the last LDP election in 2021 and has since cautioned on the need for fiscal discipline
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Foreign: Has backed trilateral security cooperation among Japan, South Korea and the US and has pressed to advance human rights globally
Other names listed as possible candidates include lawmaker Seiko Noda, who previously came up short on her bid to become the country’s first female premier, and Ken Saito, the minister of economy, trade and industry.
–With assistance from Isabel Reynolds, Yuki Hagiwara and Jon Herskovitz.
(Updates with Hayashi’s annoucement of his candidacy)
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