Japanese Prime Minister Shigeru Ishiba resigned on Sunday, less than a year after taking office, due to a series of significant election losses suffered by his ruling coalition. His resignation comes at a critical time for Japan's economy, just after finalizing a trade deal with the United States.

• Shigeru Ishiba, 68, cited the need to take responsibility for bruising election losses where his Liberal Democratic Party lost majorities in both parliamentary houses.
• The resignation prompted a sell-off in Japan's yen currency and its government bonds, with the 30-year bond yield hitting a record high last week.
• Possible successors include LDP veteran Sanae Takaichi and farm minister Shinjiro Koizumi, with the new leader potentially seeking a snap election to gain a mandate.