Japanese Prime Minister Fumio Kishida will not run for a second term as leader of the long-ruling Liberal Democratic Party (LDP) next month following a series of political scandals that have fuelled calls for him to resign.

In a press conference on Wednesday, Kishida said it is necessary to present the LDP as a “changed party.”

“Transparent and open elections and a free and vigorous debate are more important than ever,” he said. “The most obvious first step, to show that the LDP will change, is for me to step aside.”

The LDP, which has held power almost continuously since its founding in 1955, has in recent months been embroiled in one of Japan’s biggest political scandals in decades.

Two of the most influential factions in the LDP have been accused of failing to properly declare their income and expenditure and, in some instances, allegedly re-routing political funds to lawmakers as kickbacks.

During nearly three years in office, Kishida has vowed to take anti-corruption measures and institute party reforms, including dissolving factions and taking disciplinary action against any corrupt lawmakers.

Concerns about Japan’s economy, including the weakening of the yen against the US dollar, have also undermined confidence in Kishida’s economic policies.

He had previously denied he would step down as party leader, despite public criticism and sinking disapproval ratings.

His decision to quit comes a month before LDP elections are slated, with the date in September yet to be announced.

His successor will be tasked to lead the world’s fourth-largest economy at a time of increasing living costs, which has been exacerbated by a weak yen.

Japan has been at the centre of US President Joe Biden’s alliance building in the Indo-Pacific. American officials have seen a willing partner in Kishida, who has significantly shifted the country’s defense posture in recent years and provided ongoing support to Ukraine amid Russia’s invasion of its neighbour.