Surprising resignation of Japanese Prime Minister Shigeru Ishiba after a year in office

Japanese Prime Minister Shigeru Ishiba announced his resignation from office today, Sunday, amid escalating political disputes within his Liberal Democratic Party, just one year after taking power.

During a press conference, Ishiba said: "I made a difficult decision to resign," adding that he has a "strong desire" for the members of his party to overcome the sharp division.

His tenure has faced significant difficulties in managing the Japanese economy, especially after his coalition lost its majority in parliament due to voter anger over rising living costs. The political uncertainty has also led to massive sell-offs of the yen and Japanese government bonds, with 30-year bond yields reaching a record level.

The resignation announcement comes ahead of a scheduled vote by the Liberal Democratic Party on Monday to hold an extraordinary leadership election, amid speculation that his successor may be a figure supportive of easing financial and monetary policies, such as Sanai Takahashi.

Ishiba recently finalized details of a trade agreement with the United States worth investments of up to $550 billion in exchange for tariff reductions, but the agreement has not yet been finalized pending the issuance of U.S. presidential orders regarding tariffs on drugs and semiconductors.