Japan PM Ishiba to resign over upper house election defeat- Yomiuri
Investing.com-- Japanese Prime Minister Shigeru Ishiba has decided to step down over his party’s recent defeat in the July 20 upper house elections, the Yomiuri newspaper reported on Wednesday.
Ishiba plans to announce his resignation before the end of July, in order to take responsibility for the Liberal Democratic Party’s loss of its majority in Japan’s upper house, the report said.
The election loss dealt a major blow to the LDP-led ruling coalition, which will now need to collaborate with regional parties and potentially some of its rivals in order to pass more legislation.
The Yomiuri report comes just hours after U.S. President Donald Trump announced a trade deal with Japan, which will see the Asian economic giant subject to a 15% tariff. Ishiba welcomed the deal, having earlier signaled that he would remain in office at least until a trade agreement with the U.S. was reached.
Ishiba said on Wednesday he would make his final decision public after fully reviewing the trade agreement, once Ryosei Akazawa, Japan’s top negotiator, returns from Washington.
An earlier report from Japanese newspaper Mainichi said that Ishiba will formally announce his resignation by end-August.
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