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Investing.com-- Japanese Prime Minister Shigeru Ishiba is expected to formally announce his resignation by the end of August, the Mainichi newspaper reported on Wednesday.
The decision follows growing internal criticism after his Liberal Democratic Party’s ruling coalition suffered a significant defeat in the upper house elections last weekend.
Following the disappointing election, Ishiba pledged to take responsibility but delayed any decision until after the conclusion of ongoing trade negotiations with the United States.
President Donald Trump on Wednesday announced a "massive" U.S.–Japan deal, including $550 billion in Japanese investment and a reciprocal 15% tariff on imports.
Speaking to reporters, Ishiba stated that he would make his final decision public after fully reviewing the agreement’s details once Japan’s chief negotiator, Ryosei Akazawa, returns from Washington.
Despite factions within the Liberal Democratic Party pressing for immediate change, Ishiba aims to avoid a leadership vacuum and oversee the trade outcome before stepping down.