Japan’s ruling Liberal Democratic Party (LDP) has suffered its worst electoral defeat in over a decade, losing its majority in parliament. The LDP and its smaller coalition partner, Komeito, secured only 215 seats, falling short of the 233-seat threshold needed to maintain their majority. New LDP leader and Prime Minister Shigeru Ishiba, who called the election just days after taking office, vowed to stay in power despite the setback, stating there were no plans to expand the coalition.

Addressing the results on Monday, Ishiba acknowledged the “severe judgment” from voters, saying, “We have to humbly accept this result. The Japanese people expressed their strong desire for the LDP to reflect and act in line with the people’s will.”

Japanese media had speculated that Ishiba might resign if the LDP lost its majority, which would have made him Japan’s shortest-serving prime minister in the post-war era. This defeat marks the first time the LDP has lost a parliamentary majority since 2009, a significant blow to a party that has dominated Japanese politics since its founding in 1955.

The loss comes amid a series of scandals and declining public support for the LDP, with approval ratings plummeting below 20% earlier this year following allegations of corruption in political fundraising. Ishiba pledged to enact “fundamental reforms regarding the issue of money and politics” and promised to revitalize rural Japan and address inflation.

Meanwhile, the main opposition party, the Constitutional Democratic Party (CDP), secured 148 seats but continues to struggle with low approval ratings and disunity among opposition groups. CDP leader Yoshihiko Noda stated his intention to collaborate with other parties to challenge the ruling coalition.

Despite dissatisfaction with the LDP, some voters remain unconvinced by the opposition’s alternatives. Long-time LDP supporter Miyuki Fujisaki remarked, “The opposition does not stand out at all. They sure complain a lot, but it’s not clear what they want to do.”

The LDP’s struggles come amid political upheaval following Ishiba’s recent rise to power after former Prime Minister Fumio Kishida’s unexpected resignation in August. Ishiba, a veteran politician and former defense minister, described the election outcome as the “people’s verdict” on the LDP’s tarnished image.

The ruling party’s reputation has been damaged by several scandals, including its ties to the controversial Unification Church and a political funding corruption investigation involving numerous lawmakers. Allegations of tax evasion and misuse of political funds have weakened powerful internal factions within the party.

As Japan faces political uncertainty, the financial markets reacted cautiously, with the Nikkei 225 stock index rising 1.5% early on Monday and the yen weakening against the US dollar.