Overview

• Shinjiro Koizumi, 44, formally declared his bid to lead the Liberal Democratic Party, a post that could make him Japan’s youngest prime minister if he prevails.
• He set a goal to raise average annual pay by one million yen by fiscal 2030 and said wage growth must outpace inflation to revive consumption.
• Koizumi pledged a near-term package to ease living costs, including a supplementary budget, support for corporate investment, and scrapping the provisional gasoline tax.
• He is viewed as a frontrunner and has backing from senior lawmakers, with Finance Minister Katsunobu Kato running his campaign operations.
• Official campaigning opens as five candidates vie for the post, with votes from LDP lawmakers and dues-paying members on Oct. 4, and the eventual winner likely needing opposition support to secure a Diet vote and pass legislation.