Japanese Prime Minister Shigeru Ishiba is planning to soon decide whether to step down after assessing progress in tariff negotiations with the United States, Yomiuri newspaper reported on Wednesday.

TOKYO (Reuters) -Japanese Prime Minister Shigeru Ishiba is planning to decide on his future after assessing progress in tariff negotiations with the United States, Yomiuri newspaper reported on Wednesday.

Japanese Prime Minister Shigeru Ishiba said Monday he will stay in office to tackle challenges such as rising prices and high U.S. tariffs after a weekend election defeat left his coalition with a minority in both parliamentary chambers and triggered calls for his resignation.

A fringe far-right populist party in Japan was one of the biggest winners in the weekend’s upper house election.

A Japanese political party seemingly inspired by U.S. President Donald Trump’s “America First” agenda made significant gains in the country’s parliamentary elections on Sunday. Japan’s relatively new Sanseito party won 14 seats in Sunday’s upper house election.

Prime Minister Ishiba Shigeru and his Liberal Democratic Party were projected to lose their majority coalition government in Japan's Upper House of Parliament on Monday.

The Japanese Prime Minister lost his majority in Sunday's upper house election, but Asian markets were fairly calm on Monday since they had priced in an even worse result for the government. Political instability will complicate the picture for the Bank of Japan,

Japan’s Liberal Democratic party, the political bloc that has governed the country almost exclusively for 70 years, has lost its majority in both houses of parliament for the first time. The LDP and its coalition partner,