The fringe far-right Sanseito party emerged as one of the biggest winners in Japan's upper house election on Sunday, gaining support with warnings of a "silent invasion" of immigrants, and pledges for tax cuts and welfare spending.

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Japan is facing trade and political uncertainty after a historic defeat for the prime minister’s ruling party.

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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.

"I will stay in office and do everything in my power to chart a path toward resolving these challenges," Ishiba said, adding that he intended to speak directly with U.S. President Donald Trump as soon as possible and deliver tangible results.

The LDP could still stay in power with the support of smaller parties, given that it is still the largest single party.

The ruling LDP and its junior partner Komeito both suffered significant losses amid widespread concerns over the rising cost of living and hostility to the political establishment as a whole.