Shigeru Ishiba denied he had decided to quit after a source and media reports said he planned to announce his resignation to take responsibility for a bruising upper house election defeat.

Japanese Prime Minister Shigeru Ishiba has vowed to remain in power to oversee the implementation of a new Japan-U.S. tariff agreement.

(Reuters) -An emerging U.S.-Japanese trade deal could unlock major investment, avert a potential shock to the global economy and may deliver political wins for both U.S. President Donald Trump and Japanese Prime Minister Shigeru Ishiba, though many specifics of the agreement remain unclear.

The reports come after Trump announced a trade deal with Japan, and days after Ishiba’s governing coalition lost its majority in the country’s upper house.

Japan’s Prime Minister Shigeru Ishiba faces a critical test in Sunday’s upper house election. A loss could deepen political instability as his government struggles with rising prices, U.S. tariffs and voter dissatisfaction.

Japanese PM Shigeru Ishiba's political future hinges on tariff negotiations following a trade deal announced by Trump. Ishiba plans to assess the agreement's impact before deciding on his position, amid declining support and pressure from his party after recent electoral losses.

Japan's chief negotiator, Economic Revitalization Minister Ryosei Akazawa, had been working on a deal since April. He's made eight trips to Washington, pressing the case in person. After the deal news broke, he tweeted a photo of himself at the White House: "Mission complete. Sincere thanks to all involved."

Trade partners with the U.S. could lower tariff rates set to kick in next week by striking deals similar to the one made with Japan, President Donald Trump told reporters Thursday. Speaking at the construction site for the Federal Reserve headquarters currently under renovation,