Japan's Prime Minister Shigeru Ishiba to step down

Japanese Prime Minister Shigeru Ishiba has decided to resign to avoid a split within the ruling Liberal Democratic Party, public broadcaster NHK said on Sunday.

Japanese Prime Minister Shigeru Ishiba announced his resignation Sunday, plunging the world’s fourth largest economy and a key U.S. ally into fresh political uncertainty amid rising living costs and growing tensions in the region.

“I have consistently stated that I do not intend to cling to this position, and that I would make a decision at the appropriate time after accomplishing what needed to be done,” he told a press conference.

Ishiba finalized details of a trade deal with the U.S. last week, under which Japan pledged $550 billion of investments in return for lower tariffs on its auto sector.

Ishiba called the Trump administration’s tariff measures a “national crisis,” but said negotiations had now reached a conclusion, allowing him to step aside.

“I believe this is precisely the appropriate timing,” he added. “I have therefore decided to step aside and make way for my successor.”