Overview

• Ishiba announced his departure after sustained pressure to take responsibility for election losses that left the ruling bloc without majorities in both chambers.
• He said he stepped down to prevent a damaging party split and instructed the Liberal Democratic Party to hold an expedited leadership vote.
• The LDP is expected to formalize the contest within days, with balloting likely in early October, and Ishiba has indicated he will not run.
• Potential successors discussed in coverage include Agriculture Minister Shinjiro Koizumi, conservative figure Sanae Takaichi, and Chief Cabinet Secretary Yoshimasa Hayashi.
• Ishiba timed the move after reaching a tariff milestone with the United States, and political uncertainty has weighed on markets, driving a weaker yen and higher long-term yields.