New Delhi: Prime Minister Narendra Modi on Friday expressed his pain at the illness of his Japanese counterpart Shinzo Abe and lauded his "wise leadership and personal commitment" for making the ties between the two countries deeper and stronger than ever.
Japan's longest-serving prime minister, Shinzo Abe, earlier in the day, said he intends to step down because a chronic health problem has resurfaced.
"Pained to hear about your ill health, my dear friend @AbeShinzo. In recent years, with your wise leadership and personal commitment, the India-Japan partnership has become deeper and stronger than ever before. I wish and pray for your speedy recovery," PM Modi said in a tweet.
Pained to hear about your ill health, my dear friend @AbeShinzo. In recent years, with your wise leadership and personal commitment, the India-Japan partnership has become deeper and stronger than ever before. I wish and pray for your speedy recovery. pic.twitter.com/JjziLay2gD
— Narendra Modi (@narendramodi) August 28, 2020
Earlier on Friday, Prime Minister Shinzo Abe, Japan`s longest-serving premier, announced that he was resigning because of poor health, ending a stint at the helm of the world`s third-biggest economy during which he sought to revive growth and bolster its defences.
"I cannot be the prime minister if I cannot make the best decisions for the people. I have decided to step down from my post," Abe, 65, told a news conference.
Abe has battled the disease ulcerative colitis for years and two recent hospital visits within a week had fanned questions on whether he could stay in the job until the end of his term as a ruling party leader, and hence, premier, in September 2021.
As news of the resignation spread, Japan`s benchmark Nikkei average fell 2.12% to 22,717.02, while the broader Topix shed 1.00% to 1,599.70. The selling wiped $4.7 billion off Tokyo`s $5.7 trillion stock market value, which had more than doubled during Abe`s tenure.
The resignation will trigger a leadership race in the ruling Liberal Democratic Party (LDP) - most likely in two or three weeks - and the winner must be formally elected in Parliament. The new party leader will hold the post for the rest of Abe`s term.
Whoever wins the party poll is likely to keep Abe`s reflationary "Abenomics" policies as Japan struggles with the impact of the novel coronavirus but may have trouble emulating the political longevity that may be Abe`s biggest legacy.
On Monday, Abe surpassed a record for the longest consecutive tenure as a premier set by his great-uncle Eisaku Sato half a century ago. "As head of the ruling party he worked hard on Abenomics for eight years," said brokerage employee Naohito Kojima, 55.
"There were various problems but if someone else had been leader, it`s questionable whether they could have maintained a stable government as long as Abe. He did various diplomatic negotiations and I think the pros outweighed the cons."
Abe`s resignation also comes amid an uncertain geopolitical environment, including an intensifying confrontation between the United States and China and ahead of the U.S. presidential election in November.
