Japan: Shigeru Ishiba Announces Snap Polls on Oct. 27

Facts

Shigeru Ishiba — who was Friday elected leader of Japan's Liberal Democratic Party (LDP) and is set to be sworn in as prime minister Tuesday — has announced snap polls on Oct. 27.^[1]^[2]
Dissolving Japan's Lower House, Ishiba reportedly said Monday that it was important for the new administration 'to be judged by the people as soon as possible.'^[3]^[4]
He also announced the executive lineup of his incoming administration and named former Prime Minister Suga Yoshihide the LDP's vice president.^[5]
Ishiba has signed a deal with Komeito, the LDP's coalition partner. Japan's public broadcaster NHK reported that campaigning for the polls will begin on Oct. 15.^[6]^[4]
During his campaign, Ishiba had proposed to revise Japan's constitution, enact a law on national security, and create 'an Asian version of NATO.'^[7]
Reacting to Ishiba's election, Japan's stock market plunged over 4% and the yen strengthened to 142.52 against the dollar on Monday.^[8]

Narrative A, as provided by The Japan Times and Al Jazeera. It's the legal duty of a sitting prime minister to decide when parliament is to be dissolved and a general election held. But parliament hasn't declared Ishiba PM yet, making this announcement illegal. The decision to conduct general elections in less than a month has everything to do with Ishiba's quest to capitalize on his mandate and give the opposition Constitutional Democratic Party as little time as possible to prepare under Yoshihiko Noda.
Narrative B, as provided by BBC News and Deccan Herald. Ishiba has taken over the reins of a scandal-plagued party with dwindling public support. He is poised to lead a country facing regional tensions, a severe cost-of-living crisis, and a falling birth rate. Yet, by radically scaling back some of former Prime Minister Shinzo Abe’s reflationary policy, the self-confessed lone wolf can revive his party's fortunes and establish a more assertive Japan that can reduce its reliance on the US for its defense.