Doha: Japanese Prime Minister Shigeru Ishiba announced his resignation as leader of the ruling Liberal Democratic Party (LDP) today, effectively stepping down as Prime Minister less than a year after assuming office. The resignation follows the party's historic defeat in the July Upper House elections, which cost the ruling coalition its parliamentary majority for the first time since the party's founding in 1955.

According to Qatar News Agency, speaking at a press conference in Tokyo, 68-year-old Ishiba described the decision as difficult, citing internal party divisions and the need to elect new leadership. He tasked the party's secretary-general with initiating an extraordinary leadership election and pledged to continue in a caretaker role until a successor is chosen.

The announcement unsettled Japanese financial markets, causing a sharp rise in long-term government bond yields and a drop in the Nikkei index from record highs. Despite losing its parliamentary majority, the LDP remains the front-runner to form the next government due to a divided opposition, as global markets watch closely for implications on the world's third-largest economy.