Tokyo, Sep 7 (IANS) Japanese Prime Minister Shigeru Ishiba on Sunday announced his decision to step down, bowing to mounting pressure within the Liberal Democratic Party (LDP) to take responsibility for back-to-back electoral setbacks, thus bringing an end to his 11-month tenure, according to local media reports. "I have decided to resign from my position as president of the Liberal Democratic Party," 68-year-old Ishiba declared during a televised press conference. "I have told Secretary-General Moriyama to carry out the procedures for a presidential election... I would like him to begin the process of selecting a new president," he added.

Ishiba assumed office last October and has been resisting the calls to resign for weeks now. He had warned that his departure could leave Japan facing a political vacuum at a time when the nation grapples with "big challenges" -- including US tariffs, rising prices, rice policy reforms and growing regional tensions. His resignation was announced one day before the Liberal Democratic Party (LDP) was scheduled to decide on holding an early presidential election. This decision follows a significant defeat in the recent Upper House elections, which resulted in the LDP-Komeito coalition losing its majority, according to the nation's leading daily, The Japan Times.

Until recently, Ishiba had been determined to remain in office and tackle pressing issues, particularly in the economic sphere. As late as Friday, he reaffirmed his commitment to lead the government in implementing an economic stimulus package in the coming months. Calls for his resignation, however, had increased within the party, with senior members urging him to resign before the leadership vote to avoid worsening divisions. 

"With Japan having signed the trade agreement and the president having signed the executive order, we have passed a key hurdle," Ishiba said, his voice faltering with emotion. "I would like to pass the baton to the next generation." The LDP will hold an emergency leadership contest. Potential successors include Sanae Takaichi, a seasoned party figure who has been critical of the Bank of Japan's interest rate hikes, and Shinjiro Koizumi, the farm minister and a rising star in Japanese politics, according to local media reports. Ishiba had narrowly defeated Takaichi in last year's LDP run-off.