Japan's PM Ishiba denies reports about upcoming resignation

Japanese Prime Minister Shigeru Ishiba denied talk on Wednesday that he would quit after a source and media reports said he plans to step down following a bruising upper house election defeat, Reuters reports.

The 68-year-old leader said media reports that he had already decided to resign were "completely unfounded,” according to Reuters.

Ishiba chose not to quit straight after the election to prevent political instability as an August 1 deadline for clinching a trade deal with the U.S. approached, Reuters reported citing a source close to the prime minister. Ishiba and Trump unveiled a trade deal that lowers tariffs on imports of Japanese autos and spares Tokyo punishing new levies on other goods.

Ishiba will announce his resignation next month, Japanese media reported earlier.

Some media outlets had reported Ishiba was poised to announce his resignation in the coming weeks, with the prime minister telling close advisers he had made a decision, three days after his Liberal Democratic Party-Komeito coalition lost a majority in an Upper House election, according to The Japan Times.