A deal with Japan and a potential deal with Europe follows months of uncertainty and will likely raise prices while offering a bit of clarity for global trade.

Asian shares rallied on Wednesday, with Tokyo’s benchmark Nikkei 225 index up more than 3% after Japan and the U.S. announced a deal on President Donald Trump’s tariffs.

In the wake of that election defeat, Ishiba said he would stay in place to push for a trade agreement with the U.S. and to tackle Japan's looming economic problems.