TOKYO – No Japanese leader wants to preside over a bad milestone — like your economy dropping from No 3 to No 4 globally.
Welcome to Prime Minister Fumio Kishida’s hellish 2024. Barely six weeks in, Kishida’s Liberal Democratic Party is struggling to spin Japan’s falling behind Germany’s gross domestic product (GDP) in US dollar terms and the LDP’s culpability for this symbolic changing of the guard.
Kishida’s party is also giving Chinese leader Xi Jinping something of a much-needed soft power win. At a moment when Beijing is struggling to tame a property crisis, head off deflationary forces, restore confidence in the stock market and address record youth unemployment, news that it is pulling further ahead of arch-rival Tokyo sure is making for a welcome positive news cycle.
