TOKYO:
Japan’s Prime Minister Shigeru Ishiba said on Sunday he would step down after less than a year in power, during which he lost his majority in both houses of parliament.
The announcement means fresh uncertainty for the world’s fourth-largest economy as it battles rising food prices and deals with the fallout of US tariffs on its vital auto sector.
Ishiba told a news conference that the long-dominant Liberal Democratic Party (LDP) should prepare for a leadership election, and he would stay in position until then.
“Now that negotiations on US tariff measures have reached a conclusion, I believe this is the appropriate moment,” he said.
“I have decided to step aside and make way for the next generation,” said the 68-year-old.
US President Donald Trump signed an order on Thursday to lower tariffs on Japanese autos, with Washington finally moving to implement a trade pact negotiated with Tokyo in July. AFP