Japan is facing trade and political uncertainty after a historic defeat for the prime minister’s ruling party. Shigeru Ishiba is trying to buy time for his premiership following this past weekend’s election, which left the ruling bloc three seats short of a majority in the upper house.

Throughout the spring, Ishiba battled to reach a deal on the government’s budget and to assuage concerns among the public about the rising cost of living. But a weak political base is not Ishiba’s only problem.