Japanese Prime Minister Shigeru Ishiba has denied reports of his resignation, despite growing pressure to step down over the historic loss of his ruling party in a weekend election, saying instead he wants to make sure a new tariff agreement with the United States is appropriately implemented.

With the tariff deal with the US paving the way for his possible departure, Japanese media said he is expected to soon announce plans to step down in August.

President Donald Trump on Tuesday said he had cinched a trade deal with Japan, reducing the tax he had planned to levy on imports from a major trading partner as the deadline he has imposed for negotiations over tariffs nears.