Japanese Prime Minister Shigeru Ishiba resigned just a day before his Liberal Democratic Party (LDP) was to hold an internal leadership vote|PMO|CC BY 4.0

Japanese Prime Minister Shigeru Ishiba announced yesterday that he has “decided to resign” after less than a year in office, leaving the world’s fourth-largest economy in political uncertainty.

He resigned a day before his Liberal Democratic Party (LDP) was slated to hold an internal leadership vote that could have forced him out.

The LDP has been ruling for the past 70 years, but under Ishiba, it lost a majority in both houses.

Ishiba’s move comes after he struck a tariff deal with the US and had the levy on Japanese imports reduced to 15%. In exchange, Japan agreed to buy American exports and invest $550 billion in the country.

The LPD will now choose a new leader who will become the prime minister after a parliamentary vote.