Japan’s Prime Minister Fumio Kishida announced Wednesday he will not be running in the Liberal Democratic Party presidential election due next month.

Kishida said in a press conference that it is important for the LDP to have a new face in leadership and that a “first step” would be for him to step down, according to a Reuters translation. The prime minister also pledged to fully support the new leader.

Kishida’s decision to not run for reelection effectively means he would step down as prime minister when the party elects a new leader.

He said the decision was made in consideration of what’s best for the country’s public, and that to make a full exit from the country’s deflation-prone economy, wage and investment growth should be promoted.

Kishida also said he has “no hesitation” in taking responsibility as head of the LDP “for issues caused by members.”

The administration has been bogged down by a political funding scandal concerning the party factions’ misallocation and underreporting of funds from fundraising parties. 

Earlier in January, Kishida dissolved the ruling party’s largest faction following the scandal.

Local news outlet Kyodo and broadcaster NHK reported the news earlier.

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