Tokyo, August 14— Japanese Prime Minister Fumio Kishida, leader of the ruling Liberal Democratic Party (LDP), announced that he will not seek re-election as party leader, effectively ending his tenure as Prime Minister in September. The announcement was made during a press conference broadcast on state television.

Kishida, who has been in office since October 2021, stated, "I will do everything possible as prime minister before my term ends in September." His decision comes in the wake of declining public support, attributed to a series of challenges, including a financial reporting scandal involving the LDP, the rising cost of living, and the depreciation of Japan's currency, the yen.

Kishida's departure will pave the way for the election of a new LDP leader in September, who will then assume the role of Prime Minister. The next national election in Japan is scheduled for 2025, leaving the new leader with the task of regaining public confidence ahead of the vote.

The financial scandal, along with economic difficulties, has severely impacted the government's popularity, contributing to Kishida's decision not to pursue another term. This marks a significant shift in Japan's political landscape as the LDP prepares for a leadership transition amidst a challenging period for the country.