Japan Prime Minister Ishiba Shigeru announces his resignation

Japan’s Prime Minister Shigeru Ishiba announced Sunday he will step down from his post after weeks of mounting pressure for his resignation.

Ishiba had faced calls for his resignation in recent weeks after the ruling Liberal Democratic Party failed to secure a majority in the lower house election on Oct. 27.

It comes after Japan struggled to reach a trade agreement with the U.S. and protect its massive auto sector from high duties. U.S. President Donald Trump signed an executive order Thursday stateside to implement a trade deal with Japan, with 15% baseline tariffs on most Japanese goods, including autos.

The deal was agreed after months of negotiations, with Washington and Tokyo continuing to haggle over details for weeks before it was signed.

Earlier this week the ruling Liberal Democratic Party released a long-awaited report on why it lost seats in the upper house election in July.

The report ascribed the loss to the lack of appeal for the party’s measures aimed at taming inflation, previous political scandals and weak mobilization of young voters.

Local media reports suggested many key members of the LDP had signaled their intention to resign to the prime minister, while Ishiba had said that he intended to stay on amid calls within his party for choosing another leader.

— CNBC’s Anniek Bao contributed to this report.

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