TOKYO (AP) — 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.

This means that Ishiba no longer has easy control over the upper or lower houses of parliament; last October, the LDP lost control of the more powerful lower chamber, marking a major upset for a party that has ruled Japan for most of its post-World War II history.

If the current ruling party loses its majority, the country’s waters could become uncharted at a critical time.

BANGKOK (AP) — Asian shares were mixed on Tuesday after U.S. stock indexes inched to more records at the start of a week of profit updates from big U.S. companies. Japan’s benchmark surged and then fell back as it reopened from a holiday Monday following the ruling coalition’s loss of its upper house majority in Sunday’s election.

Benchmark 10-year bonds fell only slightly as trading resumed in Tokyo, pushing yields up by 1.5 basis points.

Japanese Prime Minister Shigeru Ishiba on Monday stressed the need to establish a common understanding among parties on the pros and cons of cutting the country's sales tax rate.

Japan's Liberal Democratic Party, which Prime Minister Ishiba leads, secured 47 seats in parliament, short of the 50 it needs for a majority.