Japanese Premier Shigeru Ishiba on Monday revealed plans to stay in office to provide “stability” and tackle economic concerns after his ruling coalition saw striking losses in the country’s upper house elections. 

Ishiba’s Liberal Democratic Party, along with longtime partner Komeito, lost its majority in the upper house of parliament during elections on Sunday. The loss, coming after the LDP lost its majority in the lower House last October, marks the first time Ishiba’s party has lost a majority in both houses of parliament since its inception in 1955, sparking growing speculation over the weekend that Ishiba would step down. 

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However, Ishiba said he will not resign as prime minister, citing in part hopes to continue trade negotiations with the U.S. and sign off on a final deal with President Donald Trump to avert 25% tariffs ahead of a looming Aug. 1 deadline. 

“The most important thing for Japan is political stability, as the country faces various challenges,” said Ishiba. “Japan is now facing a severe situation that could be called a national crisis,” he continued, listing U.S. tariffs, inflation, the most complex security environment since the end of WWII, and the risk of an earthquake in the Tokyo metropolitan area “that could happen tomorrow”.

“I would personally like to speak directly with President Trump as soon as possible to achieve tangible results,” added Ishiba, whose chief negotiator, Ryosei Akazawa, is also due to travel to Washington this week for more trade talks.

The White House’s tariff threats come as rising consumer prices in Japan strain the country, which is the world’s fourth-largest economy. Earlier this month, Trump sent Ishiba a letter reminding him of the looming tariffs and warning him to swiftly strike a new trade deal. 

“We have had years to discuss our Trading Relationship with Japan, and have concluded that we must move away from these longterm, and very persistent, Trade Deficits engendered by Japan’s Tariff, and Non Tariff, Policies, and Trade Barriers,” the president wrote. 

Ishiba pledged to stay in office and to “do everything in my power to chart a path toward resolving these challenges.”

Ishiba’s LDP secured 47 seats in the Sunday election, just shy of the 50 seats it needed to ensure a majority in the 248-seat upper chamber. The most striking gains of the night were made by the main opposition Constitutional Democratic Party, which came in second overall, increasing its share from nine seats to 22. Still, the LDP pulled off a better performance than most exit poll projections, making it still the No. 1 party in Japan’s parliament, known as the Diet.

Japan’s currency saw some rebounds after the election due to Ishiba’s ability to stave off even larger losses to the opposition, according to Bloomberg, as the yen rallied versus the dollar on Monday. 

“Some investors had positioned for a larger setback for the coalition and even anticipated Ishiba’s resignation,” said Akira Moroga, chief market strategist at Aozora Bank Ltd. “The unwinding of such positions, combined with relief that a political risk event has passed, contributed to the initial yen rebound.”

The prime minister has vowed to work with opposition parties to address voter concerns about inflation, even as CDPJ leader Yoshihiko Noda said on Sunday he is weighing submitting a vote of no confidence in the Ishiba administration. 

Other political leaders, such as former prime minister Taro Aso, said he “couldn’t accept” Ishiba staying on, Japan’s TV Asahi reported. 

“It is natural that there are various opinions within the party,” Ishiba said when asked about the members of his party calling for his resignation.

The prime minister has signaled he will remain focused on rebuilding Japan’s economy and averting the steep looming tariffs set to be imposed by its biggest trading partner, the U.S., next month.

“We are currently engaged in truly down-to-the-wire tariff negotiations with the U.S.,” Ishiba said Sunday. “I myself have met face-to-face with President Trump twice and spoken with him numerous times on the phone. This is something we mustn’t let go to waste.”

Trump said in April that Japan has “treated the U.S. very poorly on Trade.” 

“They don’t take our cars, but we take MILLIONS of theirs. Likewise, Agriculture, and many other ‘things.’ It all has to change,” he said. 

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Earlier this month, the president cast doubt on whether Ishiba will come to a new trade agreement with the U.S. 

“We’ve dealt with Japan,” he said. “I’m not sure if we’re gonna make a deal, I doubt it, with Japan.”