Japanese Prime Minister Shigeru Ishiba refuted rumors about his resignation following a setback in the upper house election. With crucial trade talks with the U.S. in progress, he delayed any immediate decision.

Shigeru Ishiba denied he had decided to quit after a source and media reports said he planned to announce his resignation to take responsibility for a bruising upper house election defeat.

With the tariff deal with the U.S. paving the way for his possible departure, Japanese media said Prime Minister Shigeru Ishiba is expected to soon announce plans to step down in August.