Japanese Prime Minister Fumio Kishida officially announced on Wednesday that he will not seek re-election as leader of the ruling Liberal Democratic Party(LDP) next month.

By stepping down from the party leadership, Kishida will also forfeit his position as prime minister.

At a press conference held at the Prime Minister's Office earlier in the day, Kishida said that it is necessary to show the public that the LDP is changing, adding that the "easiest first step" toward such reform is for him to step down.

Kishida also cited the political fund scandal involving LDP lawmakers as a key reason for his decision, stating that he would not "hesitate" to take responsibility for such a serious incident.

Prime Minister Kishida had been under mounting pressure to step down from both within his party and from the public, following the prosecution's investigation into the LDP's slush fund scandal at the end of last year, which contributed to his declining approval rating.