TOKYO – Japanese Prime Minister Shigeru Ishiba announced on Monday that he will remain in his position to address issues such as inflation and steep U.S. tariffs following his coalition’s electoral setback that resulted in losing their majority in both legislative chambers.

Ishiba’s governing Liberal Democratic Party, along with its junior coalition ally Komeito, fell three seats short of holding a majority in the 248-seat upper house after Sunday’s election. Despite being a minority in Japan’s Diet, the Liberal Democratic Party continues to be the primary political party.

While acknowledging the election outcome’s significance, Ishiba emphasized his main focus is to prevent a political vacuum and to concentrate on urgent issues, such as the upcoming August 1 deadline for a tariff agreement with the United States.

“While I painfully feel my serious responsibility over the election results, I believe I must also fulfill my responsibility I bear for the country and the people so as not to cause politics to stall or go adrift,” Ishiba said. “Challenges such as global situation and natural disaster won’t wait for a better political situation.”

The prime minister said he hopes to reach a mutually beneficial deal and meet with U.S. President Donald Trump.

Sunday’s vote comes after Ishiba’s coalition lost a majority in the October lower house election, stung by past corruption scandals, and his unpopular government has since been forced into making concessions to the opposition to get legislation through parliament. It has been unable to quickly deliver effective measures to mitigate rising prices, including Japan’s traditional staple of rice, and dwindling wages.

Trump has added to the pressure, complaining about a lack of progress in trade negotiations and the lack of sales of U.S. autos and American-grown rice to Japan despite a shortfall in domestic stocks of the grain. A 25% tariff due to take effect Aug. 1 has been another blow for Ishiba.