Ishiba apologises for giving gifts to lawmakers

Japanese Prime Minister Shigeru Ishiba apologised on Friday for giving gift certificates to some ruling party lawmakers, a move that could hurt his administration's already low approval ratings and risk delaying passage of next fiscal year’s budget.

- 

The political uncertainty could cast doubt on Ishiba’s leadership ahead of an upper house election set for July, and comes at a time when Japan's economy faces headwinds from the escalating trade war waged by US President Donald Trump. “Market volatility is heightening on uncertainty over US and European economic policies. But now, market players may need to look more carefully at domestic political developments,” said Yusuke Matsumoto, senior market economist at Mizuho Securities.