Japanese Prime Minister Fumio Kishida declared on Wednesday he will not pursue reelection as the leader of the governing Liberal Democratic Party, thereby ending his term as the nation's prime minister.

"I will continue to do everything I can as prime minister until the end of my term in September," Kishida said in a televised press conference.

His decision to quit triggers a contest to replace him as party boss and, by extension, as prime minister. The LDP controls both houses of parliament.

The prime minister vowed to support the new leader.

Why is Kishida stepping down?

The prime minister suggested his decision stemmed from a desire to pump new blood into the LDP.

"In this presidential election, it is necessary to show the people that the LDP is changing and the party is a new LDP," Kishida told reporters in Tokyo. "For this, transparent and open elections and free and vigorous debate are important."

Kishida's support ratings have suffered massively lately, dipping below 20%, with his premiership struggling amid a rising cost of living and a major funding scandal within his party.

The incident involved over 80 LDP lawmakers, most of whom are part of a major party faction formerly led by the assassinated Prime Minister Shinzo Abe.

rmt/lo (AFP, AP, Reuters)