Japan's PM Kishida Replaces Four Ministers Amid Slush Fund Scandal

The shakeup comes as Kishida's approval ratings hit a record low, and prosecutors investigate unreported fundraising proceeds within the Liberal Democratic Party.

Japanese Prime Minister Fumio Kishida has replaced four of his Cabinet ministers in an attempt to contain the damage from a widening slush fund scandal that has shaken his governing party and his grip on power.
The ousted ministers, all members of the Liberal Democratic Party's (LDP) most influential faction, are alleged recipients of suspected kickbacks of unreported fundraising proceeds.
The scandal has led to a significant drop in public support for Kishida's administration, with approval ratings falling to 17.1%, the lowest since the LDP returned to power in 2012.
Prosecutors are investigating whether dozens of LDP lawmakers, mostly members of the Abe faction, systematically failed to report about 500 million yen ($3.53 million) in funds, which are alleged to have gone into unmonitored slush funds.
The political upheaval comes at a critical moment for the Bank of Japan, which is planning an exit from decades of ultra-low interest rates.