Japan's Longest-Serving Prime Minister Shinzo Abe Resigns For Health Reasons

TOKYO || Japan's longest-serving prime minister Shinzo Abe, announced his resignation on Friday, citing health reasons. At a press conference in Tokyo, the prime minister said while he had a year left in his tenure, he was calling it quits and standing down as prime minister.

Further he apologised to the Japanese people, for being "unable to fulfil his duties during the Coronavirus pandemic".

Sources say the outgoing Japanese prime minister suffers from a non-curable inflammatory bowel disease - colitis, which has been bothering him from as early as in 2007, when he suddenly resigned with just one eyar into office.

"For almost eight years I controlled my chronic disease, however, this year in June I had a regular check-up and there was a sign of the disease," he added. "I made a judgment that I should not continue my job as prime minister," said Abe. "I need to fight the disease and need to be treated."

Markets reacted negatively to the announcement. Japan's benchmark Nikkei index closed down 1.4% Friday after the news broke. It initially tumbled more than 2% before paring losses. The Japanese yen, a traditional safe currency haven, rose 0.3% against the US dollar.

He has been prime minister of Japan, in 2007, 2012, 2017 and a fourth term in 2019. He also told journalists that he will stay in office until his successor is elected. Abe and Indian PM Modi enjoy a personal bonding.

Markets reacted negatively to the announcement. Japan's benchmark Nikkei index closed down 1.4% Friday after the news broke. It initially tumbled more than 2% before paring losses. The Japanese yen, a traditional safe currency haven, rose 0.3% against the US dollar.

He has been prime minister of Japan, in 2007, 2012, 2017 and a fourth term in 2019. He also told journalists that he will stay in office until his successor is elected.