Japanese prime minister Shigeru Ishiba is preparing to step down by the end of August, according to local media reports, following a significant electoral defeat and the conclusion of a high-stakes trade agreement with the United States.

Japanese Prime Minister Shigeru Ishiba has denied reports he plans to announce his resignation over a historic defeat of his ruling party in a weekend election, saying instead he wanted to make sure a new tariff agreement with the United States is appropriately implemented.