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.

Japanese Prime Minister Shigeru Ishiba is holding onto power after his ruling coalition failed to secure a majority in Sunday's upper house election. His Liberal Democratic Party (LDP), along with coalition partner Komeito,

Shigeru Ishiba’s ruling Liberal Democratic Party and its junior coalition partner Komeito were three seats short of maintaining a majority.