Japanese markets, +0.4% in early trade taking cues from the U.S. Fed policy shift, crashed -1.41% on the news that Prime Minister Shinzo Abe will resign for health reasons later on in the day.

Concerns about Abe’s chronic health issues, simmering since earlier this summer, intensified this month when he visited a Tokyo hospital two weeks in a row for unspecified health checkups.

Abe’s term was supposed to end in September 2021. Previously in 2007 as well, he had abruptly resigned from his first stint in office due to his health.

Shinzo Abe was Japan’s longest-serving prime minister, exceeding record of Eisaku Sato, his great-uncle, who served from 1964 to 1972.

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