Con officials the central bank will allow for higher inflation. Appropriate Monetary Policy will likely aim to achieve inflation moderately above 2 for some time. President trump officially accepts the republican nomination as he makes his case to the American People blasting joe biden as a socalled threat to the nation. Despite all we have achieved is now in danger this is the most important election in the history of our country. Developing news about Prime Minister shinzo abes future lets go to the Live Press Conference now to the confirmation and the support of the people of covid19 and the measures we have done. There have been requests from the local government on covid19 Counter Measures we have been fighting against invisible enemy. We tried to avoid the symptoms to protect the life of people from time to time based on expertise. The government has done its best but many people have been infected and some of them died id like to express my condolences for those victims. At this moment, doctors, nurses are trying very hard to treat the diseases of the people i appreciate what they are doing right now. Today from summer to autumn then fall and winter, we made decisions against covid19 many things have come to light and strike a balance between the measure and activities is possible we have seen advancement of the treatment drugs and the people under 40 years old is 0. 1 half of the people who died are in their 80s and over. The high risk of symptoms for elderly people and people suffering chronic diseases we tried to save the life of the people the most important for the government is how we deal. The seasonal flu may rise. For the highrisk infection and enhance the testing abilities. Making it possible for 200 tests to be done for the covid19. 200,000 tests. Elderly facilities, hospitals with the high risk of infections, based on infections, we ask the Staff Members or facilities to take the test on a regular basis so we can event the mass infection on people with chronic diseases and elderly people when it comes to medical systems, the focus will be placed on the people with the higher risk. On covid19 based on sars, tb and masks, this is a category 2. Covid19 was based on the changes in cabinet orders, we have reviewed the state tuesday of the disease people with no symptoms, people with mild symptoms, we will ask that they stay at hotels and homes so that they can reduce on the system and hospitals some hospitals have accepted the covid19 patients. They are suffering in the direction and finding themselves in the bind in times of business without all the stops to the helping hand to those institutions even the seasonal flu happens, you have a system to treat the disease of covid19. We have the budget that those would be executed immediately. Together with covid19 Counter Measures, we should never have a vacancy. North korea has responded with missiles because of that, we can protect the life of people in japan by having the intercepting capabilities two days ago, we had nsa meeting. We discussed the new policy and different systems and discussed. Those are the two messages that they support in japan. Now, let me talk about my own health translator 13 years ago, my chronic disease colitis ee lettering emerged. I had to step down as Prime Minister and it caused massive troubles to the public then, we had a new drug. I was ready. With the support of the public, once again, i decided to take on the responsibility of Prime Minister during eight years, i controlled my chronic disease without any issues, i kept on focusing on my job as a Prime Minister on a daily basis. I put all the effort however, this year in june, i had a regular checkup and there was a sign of the disease. That was what my doctor said i have been using my drugs i put all the effort for my job as a Prime Minister last month, there was some condition and i was short of my healthiness, the colitis was emerged going forward. On top of the drug taken, i will be taking a new drug earlier this week in the check up, there was efficacy of the drug it was confirmed we need to have the continue uous drug so i cannot loose focus of my treatment since administration for the seven years and eight months in order to generatout comes, i plan stops on my job as the Prime Minister i needed to fight against my disease and be treated i was not in the state to have a Health Condition and still have to make important political decisions. I cannot make any mistake in the important decision im making in support of the public i have to respond to so im not ready to respond to the mandate by the public. I made a judgement i should not continue my job as Prime Minister i decided to step down as a Prime Minister the most significant challenge for us is the Counter Measures against coronavirus. We have to avoid any obstacles when it comes to the fight against the coronavirus. For the past month, that was the only focus i had i really struggle to make this disease. I see the downward trend in the decision after july and also to the winter, the necessary measures have been put together. There for, under new leadership, the challenges should be addressed and this is the only timing where the leadership change should be happening for the past seven years and few months, we have addressed a variety of challenges. There are a lot of challenges we havent completed. At the same time, there are some achievements and some milestones that we hit in order to respond to the mandate the achievement are thanks to the public and japan i want to express my appreciation of the people of japan. Despite the support, even though i have one year to go in my tenure and with other challenges that have not been addressed yet amid the coronavirus outbreak, i decided to step down as the Prime Minister i would like to send my apologies to the people of japan. Translator i wasnt able to solve issues with japanese nationals. It is with regret the peace treaty of russia are going to leave my status without achieving all of those ambitions and targets. It is indeed a regrettable thing for us it is a commitment made to the people in japan under the new leadership of the party, we are going to work out the new policies and have a new engine for growth and momentum and those measures to be executed. Next Prime Minister, before he or she will be appointed, the ownness is on me i take my responsibility i go through the treatment i like to regain my health again so i can stand behind a new administration as a politician to the people in japan, i appreciate your support for about eight years. Thank you very much indeed i would like to take questions based on practice, we take questions from two please go to the mic and state your name and ask your question. Now you can ask your question thank you. So you decided to step down as the Prime Minister as you said, the Continuous Administration of the drug will continue maybe you could have considered the option to serve as a Prime Minister and be treated. So i believe your Health Condition is very severe are there any necessity to go to the hospital continuously. When did you make a decision to decide and in the first administration, you needed to quit this is the second time you need to do that there may be criticism that you give up. How do you respond to that political vacuum cannot happen how does a successor be decided . Do you think this is the immediate process . Do you think there should be a joint meeting of Party Members do you have any person in mind that should succeed your job translator you asked about the treatment of my disease. On top of the drug with the iv, the treatment will continue. There is a checkup we started to see the efficacy of the treatment er i did consider the continuation as i receive treatment. There will be considerations and the diet will be starting. There is no guarantee my Health Condition will continue to be better, so that after the administration of the drug, the treatment could be over. There is no guarantee. The outbreak will not generate any political vacuum that is why we had no choice but to resign at this particular time last week and this week, we went to the hospital to receive the checkup. That was a decision i made after the checkup this week on monday. This is still in the middle of the tenure i have to take the criticism as i said in the beginning in the autumn, there is a flu season those packages put together today and should be implemented. We see the downward trend of the infection. That is why i made a decision at this particular time the president ial election for the successor. So thinking about those time line, this is the only timing to minimize the impact. That is why i made such a decision as long as i serve as a Prime Minister, i take the responsibility to fight against the coronavirus. Fortunately so the drug is very effective. So i will continue to do that for the time being for the next president and how the person should be elected, well make decisions about that. We are not in the position to talk about that. Im not the one to talk about the next person. Can we have other questions just now, then you are going to you said you have done your best to show your results among your achievements by myself and what is the legacy of your administration . Will you please show us the examples of the tasks to be done, election issues and peace treaty with russia what important assignments will you pass to the next Prime Minister you asked the question about legacy it is up to the judgement of the people i think the history will show what the legacies are. P when my session was launched seven years and eight months ago, the region was a legacy for the government ever japan. I said the government is going all in to cover the damages on the economy but people who have to work can work we have to create Job Opportunities for people in japan. That is quite high on the agenda japan was haunted by depression for years. We created jobs for more than 4 Million People based on the fruit of the growth, we provided the Free High School education, the education, lifestyle reform. That all the people in japan can work actively. Weve made a step forward. The National Security made in selfdefense the peace and security we have enhanced the system in support with each other. The u. S. President went to hiroshima. The alliance between japan and United States is the basis of our diplomacy to have a panoramic view of the world. There are many other important issues, the epa, japan took initiative to create Economic Growth with freedom and that is fair and thats what i think whenever a National Election was held, people gave support to my government my special thanks to the people in japan as youve said, the election issue, treaty with russia, constitutional amendment all of those carry greater imporcht ans for the government of japan quite regrettably. It is indeed regrettable that those assignments are yet to be completed. But, it is a commitment given by the government to the people in japan. There for, after the next strong leadership, and my successors will try very hard to deal with those matters. Now we take other questions please raise your hand when you want to ask questions. When you are called, please come to the microphone. State your affiliation and ask your questions i think many people want to ask questions. Please ask only one question per person translator what is your expectation for the next administration and there are the number of people who could be your successor what is your personal opinion about those people translator so i will be stepping down, so i will not make a whole lot of request for the next administration. The successor of the next Prime Minister, i believe, will be making an utmost effort for corona we have laid out those visions i expect that person to achieve results as we are dealing with the new normals and lifestyles japan should be a society where people are forward looking i already mentioned specific names but those people are promising policymakers in the cabinet, i have worked with those people so as we Work Together around the policies so i think the right person will be chosen. Okay. Can we take an exit question can i ask a question about diplomacy. Can i answer the question. Japan, russia, the peace treaty. Those matters achieved including the past administration. There is something you couldnt achieve. Based on your methods or practice, are there any less ones they can learn . Do you have any wishes or the next Prime Minister. You didnt use a prompter. Would you tell us why you didnt use that device . Translator so which is your most important question. Prompter is being used by various leaders in the world today, the script was made just before my press meeting, so i had thought about what i should say. Thats why i didnt use the prompter was there any alternative to solve the issue. This is your question. I have worked very hard on that matter for example, there is one thing claimed only by japan that was widely recognized in the world as an issue. The u. S. President had a meeting with north Korean Leader kim jungun. They made some decisions to this issue. This is something we didnt see in the past. I went all in to solve that matter they didnt make any result and one by one, the family members decided. I always wondered. I cannot disclose what that has done to the issue. We have played all the possible cards to that matter thats what i think. Thank you. Translator from tokyo newspaper. On the total days being the longest serving Prime Minister the history will decide on the administration there was some negative achievements the finance bill or person committed suicide and family members wants to bring the administration to account. You are watching breaking news developments out of tokyo as Prime Minister abe has decided to resign. Let me run you through some headlines. The Prime Minister deciding it was a good time to quit based on the coronavirus no longer in increasing trend the timing delicate but the reemerge ens of a problem with a Chronic Health issue he had a health check on monday chlkt he had been trying a new drug no guarantee to work a quick decision to resign the Prime Minister not willing to say who he thought should be his replacement. Not up to him but up to the party. The Prime Minister saying the next leader will continue to work fighting coronavirus and he was asked about some of his achievements and pointing to the economics, the threearrow policy and he did point to boosting jobs and he mentioned trade relations too with europe and the United States. Thats quite key as he was also trying to push through changes on the constitution that have been throw to doubt with coronavirus and the resignation today. The market moves are worth baring in mind we saw a lot of preloaded action driving to the low 106 range you can see 105. 99 on the charts julianna, youve been listening. It felt like it was delicate timing to make the decision. Hes clearly gone for it hes made the decision to step down and hand down to someone else we dont know who that will be but eight candidates have been floated over from media reports. A lot of this decision came down to timing he learned in june there were signs his chronic decision was returning and confirmation it had returned hes got this window where the virus is under control but before we enter the winter months before it could get worse. It soupds like with his disease there is so much uncertainty that he felt the political vacuum opening would be worth it for him to step down today clearly, the virus has been difficult all countries have been different and they have the strike telling you just how strong it is in japan to make sure there is a smooth handing over and to make sure they are prepared for more challenging time. Is it clear he wants to make sure there is no disruption to the process and stands to the heart of why hes been so successful in decision and strategy moves first up in the wake of fukushima. I remember the ramifications for japan. That was a delicate time shinzo abe needed to step in there there has been discussion about the bank of japan and about the stocks weve had a challenging time to find inflation the air of stability has been quite telling in politics. The very Clear Communication from shinzo abe. Certainly his decision and the timing of it is a testament you just laid out that he has been the pillar for japan the other implications as we look to relationships with others around the world. Abe has put a lot into building a relationship with President Trump. There is a lot of question about the United States and what administration will move forward. That relationship will continue on for japan lets get some reaction we are seeing moves on the dollar yen rate. Translator with the political current si, i dont think it will curtail the dollar yen remember the japanese government has already unleashed over 11 gdp in direct spending it has eased but is still elevated because japan is the Worlds Largest creditor you can turn consistent in the new policy strategy means the Interest Rates will below for a long time. The real rates in the u. S. Will move to the negative territory the bank will also keep the policy ultraloose for a long time that is to come japan has consistent deflationary pressures where you are also expected to persist you look also to the fed balance sheet. That is expanding much faster than the bank of japan that is positive for the yen and how we look for valuation the dollar yen is still overvalued at 106 in the socalled purchasing power that value is closer to 100. There is room for dollar yen to fall further thank you for waiting on the line around this developing story from Commonwealth Bank of australia. The Eu Commission president has suggested her term may be reshuffled in the wake of the resignation of trade commissioner asking them to propose a man and woman and she will decide later if the direct candidate will replace hogan. He has stepped down by breaching covid guidelines by attending a golf gathering in his country. Expecting the economy to sharply decline contracted by 9. 5 and expects the output to return to precoronavirus levels by 2022. Joining us from dublin, thank you for joining us today a Huge Development out of japan today. I want to acknowledge the great contribution Prime Minister abe has made in leading his own country. The impact he has had on the economy and he greatly widens the tools available looking at how to strengthen the performance in the approach he used and that looks likely to something in the future. I want to push into the news because of the 0 development stepping down. Looking to the heavy weight in agreement to europe watched so closely in the agreement achieved is that right that it should not be around as rigorous around this golf tucks . From the Public Health point of view, his resignation has been emeritus. He has been a really important figure in the expertise in all the work we did for the agriculture. There are two that are really important. One is the continued support of the union under the agreement that is not going to change. Against the role of the president to decide who would be a very strong team between the new commission and the commissioner, whoever that is. Im confident that will continue to the very High Standard that it did under the commissioner holden weve seen the fallout in the uk and europe. In the replacement that needs to be found very important in the heightened uncertainty that has been creative. All major global economies challenging the many economies beginning to see that is why the work of the European Commission work is so important. That continues to be very important and the expertise theyve had over many years and that will continue to be deployed by his team in the time left in the weeks to come. So important all of us redouble our efforts and commitment to see if a path way for an agreement can be found because of the impact of a very, very hard brexit in all trade will only be heightened if we are already dealing with the consequences of covid19 sir, i want to ask about the rebuilding effort. There is a lot of question on the rebuilding fund as we look towards the next phase providing for growth as needed to get going towards the future what could you say to assure those investors. That it will supply the support in the valid Recovery Fund is a siganture Card Development on the project of the European Union those have come together to sit alongside to work in the central bank we look to rebuild the economies. Among finance ministers and the European Commission to agree on the plans capable of reblocking the funding. Im confident youll see the impact of the Recovery Fund on Economic Performance in 2021 and 2022 i think this will be particularly important because you see the effect of the surge to diminish in some activities as we get used to what it will be like to live beside covid some period of time. Youll see the effect of the Recovery Fund as reform plans are agreed and funding is released into governments in the union and returned into our economy. I want to ask about the policy side of things just before you joined us in squawk box, you are discussing researchers who argue we are at the end of the road when it comes to Monetary Policy being able to stimulate the policy handing over the approach to fiscal authorities is that the way you think about it or do you think there is room or scope for the central bank to play a role . Always indicated two points at this debate firstly that they choose that they are deploying or clearly having a profound effect in supporting the governments of their people back to covid19 and further to them. Theyve said it is really important that impact of Monetary Policy be multiplied by coordinated action across the union. That is now what is happening. You are seeing the European Union coming together in an unprecedented way with the impact of the world in particular we show the coordinated efforts. This is what is happening. Im very confident you are going to see the higher affects of this coordinated activity this year and beyond. You have arguably the hardest job. You could see your tax revenue shredded thanks to changes in International Tax law. We heard earlier from german leader that there will be digital tax clearly you benefit from and also when it comes to the minimum tax corporatation tax, there is estimate 2 billion can be taken out of your coughers what is your plan . We have always participated in the global debate many features were the subject of the base over recent years have been changed or in some cases are gone all the commit ams we have of the change under the current process all of that said, there is change coming and also find the equal. To constructively participate in the work that is under way in the oacd secondly to try to give our economy the breath now that it didnt give a decade ago they may well post changes but im confident theyll be able to respond to them. The Irish Economy still has a sustainable base that continues to have the kind of tools available to us to allow us to be competitive can i ask you about the timing and given push back by americans felt as if it had fallen away. I take that is possible i see that demice was always on the basis. I would describe that as being paused for Many Political seasons. I expect to see that process react vated on the year. Some agreement is possible in 2020 my own view is that will be likely youll see some of this work conclude by the early part next year. The i believe the oacd is capable for an outcome the reason it is so important is that it does offer the best prospect of policymakers without further detablizing and all that we have going on it is incumbent for all of us to find ways in tax issues whatever heightening trade difficulties are already there. Thank you for joining us again. Coming up on the show, shinzo abe has stepped down as japans Prime Minister due to ll health wel bring you more from his resignation speech next. What happens when 2 Million People switch to Xfinity Mobile . Well, the good news gets shared. And it gets rated 1 for customer satisfaction. But dont just take our word for it. Take theirs. Its your wireless. Your rules. Only with Xfinity Mobile. Call, click or visit a store today. Translator and with other challenges that have not been addressed yet amid the coronavirus outbreak, i decided to step down as the Prime Minister i would like to send my apologies to the people of japan. Japanese Prime Minister abe resigns saying he cannot continue in his public role. Translator so im not ready to respond to the mandate by the public and i made a judgement i should not continue my job as the Prime Minister the nikkei closing down and the dollar extends against the japanese yen european markets fall after the stark policy shift confirming the central bank will allow for hire inflation for all periods when inflation has run below 2 eamon tarry policy has aimed inflation above 2 for some time President Trump officially accepts the president ial nomination blasting his rival joe biden as a, quote, threat to our country. As despite everything we have achieved is now in danger. This is the most important election in the history of our country. Hurricane laura has ripped through louisiana as a massive storm leaving six people dead. The destruction said to be less than feared. It has been down graded to a tropical depression. Taking you to reaction in the japanese market today. Huge developments and i think the media had this one in their sights early on an shinzo abe, reports have been circling behind the scenes that the Prime Minister told some of those in the party that he was stepping down weve had him in front of the media. This was crucial timing that the virus was kept in check and the Prime Minister deciding that was the moment of the Health Commission jay gray joins us live. Take us through the latest there on the ground. It is a mess here here on lake charles, you can see the twisted metal of what used to be a gas station pumps still in place laura pulled this pump, tossed it away. It has not been seen anywhere here that is evidence of the power of this storm everywhere you turn, there is devastation or debris. Entire communities wash add way by water or ripped apart by the wind here. Power lines snapped and twisted. That runs for miles across the region most of the area still without power. It will be a very typical go they have a strong resolve and say theyll be back name need some time. Thank you for the update there. That is all for todays show thank you for watching hike coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. He scores stanley cup champions. Touchdown only mahomes. Expect anything different . The big events are back and xfinity is your home for the return of live sports. It is 5 00 at cnbc here is your top five 5. Fed chair powell says Interest Rates are here to stay breaking news overnight, japans Prime Minister says he is stepping down amid growing health problems. Well go overseas live for the reaction President Trump making the case for the reelection as he draws battle