Japan's Ishiba says he'll stay in office to tackle inflation and US tariffs despite election loss

Japanese Prime Minister Shigeru Ishiba said Monday he will stay in office to tackle challenges such as rising prices and high U.S. tariffs aftera weekend election defeatleft his coalition with a minority in both parliamentary chambers.

Ishiba’s ruling Liberal Democratic Party and its junior coalition partner Komeito were short three seats to maintain a majority in the 248-seat upper house in Sunday’s vote. The coalition is now a minority in both houses of the Diet, or parliament, though the LDP is still the leading party.

Ishiba said he takes the result seriously but that his priority is to avoid creating a political vacuum and to tackle impending challenges, including the Aug. 1 deadline for a tariff deal with the U.S.

“While I painfully feel my serious responsibility over the election results, I believe I must also fulfill my responsibility I bear for the country and the people so as not to cause politics to stall or go adrift,” Ishiba said. “Challenges such as global situation and natural disaster won't wait for a better political situation."

The prime minister said he hopes to reach a mutually beneficial deal and meet with U.S. President Donald Trump.

Sunday’s vote comes after Ishiba’s coalition lost a majority in theOctober lower house election, stung by past corruption scandals, and his unpopular government has since been forced into making concessions to the opposition to get legislation through parliament. It has been unable to quickly deliver effective measures to mitigate rising prices, including Japan’s traditionalstaple of rice, and dwindling wages.

Trump has added to the pressure, complaining about a lack of progress in trade negotiations and the lack of sales of U.S. autos and American-grown rice to Japan despite a shortfall in domestic stocks of the grain.A 25% tariffdue to take effect Aug. 1 has been another blow for Ishiba.