Japan PM Shigeru Ishiba vows to stay on after bruising election defeat
Shigeru Ishiba
vowed to remain in his post on Monday after his ruling coalition suffered a bruising defeat in upper house elections, prompting some in his own party to doubt his leadership as the opposition weighed a no-confidence motion.
The embattled prime minister told a news conference he would remain in office to oversee tariff talks with the United States and other pressing matters, such as rising consumer prices that are straining the world's fourth-largest economy.
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"I will stay in office and do everything in my power to chart a path toward resolving these challenges," Ishiba said, adding that he intended to speak directly with US President
Donald Trump
as soon as possible and deliver tangible results. Analysts say his days may be numbered, however, having also lost control of the more powerful lower house in elections last year and shedding votes on Sunday to opposition parties pledging to cut taxes and tighten immigration policies.
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"The political situation has become fluid and could lead to a leadership change or the reshuffling of the coalition in coming months," said Oxford Economics' lead
Japan
economist
Norihiro Yamaguchi
.
Investors fear Ishiba's administration will now be more beholden to opposition parties advocating for tax cuts and welfare spending that the world's most indebted country can ill afford.
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The 68-year-old leader said he had no plans to expand his coalition but would work with opposition parties to address voter concerns about inflation. He cautioned, though, that tax changes would not deliver the immediate help households need. Markets in Japan were closed for a holiday on Monday, although the yen strengthened and
Nikkei futures
rose slightly, as the election results appeared to be priced in.
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