00:00Japanese Prime Minister Shigeru Ishiba on Sunday announced his resignation,
00:09ushering in a potentially lengthy period of policy paralysis
00:13at a shaky moment for the world's fourth largest economy.
00:17The 68-year-old politician said he decided to step down
00:20as the Liberal Democratic Party president as well.
00:23He added that he had instructed his party to hold an emergency leadership race
00:27in an announcement that shocked many people.
00:57Since coming to power less than a year ago,
01:12Ishiba has overseen his ruling coalition,
01:15lose its majorities in elections for both houses of parliament,
01:19amid voter anger over rising living costs.
01:23Until Sunday, he had refused calls to step down.
01:26He had instead focused on ironing out the Japan-U.S. trade deal
01:30following the U.S. tariff policy, which has cast a shadow over weak growth.
01:35Concern over political uncertainty led to a sell-off in Japan's yen currency
01:39and its government bonds last week,
01:42with the yield on the 30-year bond hitting a record high on Wednesday.
01:47Speculation over Ishiba's fate was stoked by his party's decision
01:50to schedule a vote for next Monday
01:52on whether to hold an extraordinary leadership election.
01:56To go for a resolution,
01:58check out the chat button in years
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