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.

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

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,