Japanese Prime Minister Shigeru Ishiba has announced his resignation as President of the Liberal Democratic Party (LDP) and Prime Minister after less than a year in office, following his party's crushing defeat in parliamentary elections in July.
Ishiba said he had been waiting for the major benefits of a tariff deal with the United States (US) to be a major achievement before stepping down, and now that the deal has been finalized, he feels it is the right time to hand over power to a new leader.
The LDP's defeats in both the Lower and Upper Houses have made Ishiba increasingly vulnerable to pressure from within his party, which has begun demanding that he step down to preserve party unity.
He stressed that the decision was not made out of personal desire but to avoid a wider split in the party and to begin the process of selecting a new leader based on party rules.
Ishiba has vowed not to run for re-election as LDP President, and will continue to serve as Prime Minister until his successor is elected and confirmed by parliament.
This situation marks a turning point in Japanese politics, where the stability synonymous with the LDP is beginning to be undermined, while the country's economy and fiscal policy are now on a path of uncertainty that urgently requires new leadership.
