
“The Japanese people expressed their strong desire for the LDP to do some reflection and become a party that acts in line with the people’s will,” Ishiba told national broadcaster NHK.
The LDP and its much smaller coalition partner Komeito, have altogether taken 215 seats, falling short of the 233-seat majority needed to govern.
It is the first time the LDP has lost its parliamentary majority since 2009. The party has ruled Japan almost continuously since 1955.
The result comes after a tumultuous few years for the LDP which saw a cascade of scandals, widespread voter apathy and record-low approval ratings.
The party had seen approval ratings of below 20% earlier in the year, in the wake of a political fundraising corruption scandal.
Ishiba on Monday pledged to reform “enact fundamental reform regarding the issue of money and politics”.
“We need to answer to the people’s criticism. That is how I will take responsibility for the loss of the election,” he said.
He also promised to revitalise rural Japan and tackle inflation.
Japan’s parliament now has 30 days to convene and choose a prime minister. The chosen PM’s party or coalition, will form the government and can do so even without a majority of seats.
Ishiba said there are no plans to expand his political coalition at this stage. This raises the likely possibility that he will retain his premiership and his coalition will continue to rule Japan without a majority. But it also means they will no longer have the power to pass laws unilaterally.
Another possibility is that the opposition parties unite to form the government – the largest one, the Constitutional Democratic Party (CDP), won 148 seats up from 98 previously.
But that is a more unlikely scenario as Japan’s opposition parties historically have faced difficulty in uniting or convincing voters they are a viable option to govern.
The CDP had an approval rating of just 6.6% before parliament was dissolved.
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