TOKYO, JAPAN – SEPTEMBER 14: Liberal Democratic Party secretary general Toshimitsu Motegi, a candidate for Japan’s ruling Liberal Democratic Party’s (LDP) presidential election, holds up a sign during a debate at the Nixon Kisha Club in Tokyo, Japan. Takashi Aoyama/Pool via REUTERS/File Photo Purchase Licensing Rights , opens new tab

TOKYO, Sept 8 (Reuters) – Former Japanese Foreign Minister Toshimitsu Motegi said on Monday he would run in the race to decide the next head of the Liberal Democratic Party after the premier announced his resignation.

Prime Minister Shigeru Ishiba said on Sunday he would resign as party leader and leader of the country, ushering in a potentially lengthy period of policy uncertainty at a shaky moment for the world’s fourth-largest economy.

Japan’s stocks surged, the yen weakened and bonds stood firm on Monday after Ishiba’s resignation stoked speculation that his successor would raise government spending.

Chief Cabinet Secretary Yoshimasa Hayashi also intended to run in the election, Kyodo reported, citing unnamed sources.

Other prominent potential candidates include senior lawmaker and fiscal dove Sanae Takaichi and Minister of Agriculture Shinjiro Koizumi.

The date and format of the leadership race have yet to be decided.

Takaichi is a party veteran and has held a number of posts including as economic security and internal affairs ministers.

She stands out for her opposition to the Bank of Japan’s interest rate hikes and her calls to ramp up spending to boost the fragile economy.

If chosen, Takaichi would be Japan’s first female prime minister.

Koizumi, a political scion and son of former Prime Minister Junichiro Koizumi, has gained prominence as Ishiba’s farm minister tasked with trying to rein in soaring rice prices.

He ran in last year’s party leadership race, presenting himself as a reformer able to restore public trust in a scandal-hit party. If elected, Koizumi would become Japan’s youngest prime minister in the modern era.

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