The Liberal Democratic Party leadership election dominated Japanese news on September 27, 2024. Early reports indicated a tight race between Sanae Takaichi, Shinjiro Koizumi, and Shigeru Ishiba. As voting began, Ishiba and Takaichi emerged as frontrunners, advancing to a runoff. In a surprise turn, Ishiba, on his fifth attempt, secured victory over Takaichi in the final round. This marks a significant shift in LDP leadership, with Ishiba set to become Japan's next Prime Minister on October 1. The news prompted immediate market reactions, with the yen surging and stock futures falling. Ishiba's first press conference as party leader hinted at potential early dissolution of the lower house and new elections, possibly as soon as November 10.