Ishiba, 68, instructed his Liberal Democratic Party - which has governed Japan for almost all of the post-war era - to hold an emergency leadership race, he told a press conference, adding he would continue his duties until his successor was elected.
Until Sunday, he had refused calls to step down following the latest of those losses in July's upper house vote. He had focused instead on ironing out details of a trade deal with the United States on President Donald Trump's tariffs, which have roiled Japan's critical automotive industry and cast a shadow over weak growth.
Concern over political uncertainty led to a sell-off in Japan's yen currency and its government bonds last week, with the yield on the 30-year bond hitting a record high on Wednesday.
Koizumi, Takaichi among possible successors
Ishiba narrowly defeated Takaichi in last year's LDP leadership run-off. Shinjiro Koizumi, the telegenic political scion who has gained prominence as Ishiba's farm minister tasked with trying to cap soaring prices, is another possible successor.
“As for potential successors, Koizumi and Takaichi are seen as the most likely candidates. While Koizumi is not expected to bring major changes, Takaichi’s stance on expansionary fiscal policy and her cautious approach to interest rate hikes could draw scrutiny from financial markets,“ Maeda said.
Whoever becomes the next leader may choose to call a snap election to seek a mandate, analysts said. While Japan's opposition remains fractured, the far-right, anti-immigration Sanseito party made big gains in July's upper house election, bringing once-fringe ideas into the political mainstream.
Ishiba's last act as premier will have been to finalise the trade deal with the United States last week, under which Japan pledged $550 billion of investments in return for lower tariffs from U.S. President Donald Trump -REUTERS
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