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Congressman Javier Milei wins Argentine Presidential election, to promote abandonment of the peso and dollarization

On November 20th (the 19th in local time), a presidential election was held in the Argentine Republic, and the victory of Congressman Javier Milei was calculated. Moody’s, an international rating agency, described his victory as an extremely uncertain outcome in extreme circumstances.

Candidate Milei plans to abandon his country’s currency, the peso, and advance official dollarization. This is a radical solution, but it is believed that the Argentine people supported him because they wanted to break away from the emphasis on distribution in policy management. Milei, known for his radical statements, started as the third candidate, but gathered support from the people due to the deteriorating economic situation and won.

In addition, President-elect Milei is scheduled to visit the United States and Israel before his inauguration on December 10th. This is considered a reflection of his reassessment of foreign policy priorities.

On the other hand, Japanese Prime Minister Fumio Kishida congratulated Mr. Milei on his presidential victory on the 21st and sent a celebratory message. As a result of the final vote in the presidential election in South America’s Argentina, Mr. Milei’s victory was ensured, and he was elected president by defeating his rival candidate, Sergio Massa, an independent right-wing candidate.


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