Stocks in Japan fell sharply on Monday after the country’s governing party chose a leader some view as hawkish on interest rates, underlining how central bank decisions continue to set the course of the world’s fourth-largest economy after decades of easy money policy.

Shigeru Ishiba was elected as the new prime minister of Japan on Friday. The country’s governing political party, the Liberal Democratic Party, voted for the former minister of defense to lead the country. Japan’s Liberal Democratic Party has primarily been the country’s ruling party since the end of World War II.

Japan could witness its first female prime minister as the ruling Liberal Democratic Party prepares for a crucial leadership vote.

Japan finds out its next leader on Friday when the ruling party of outgoing Prime Minister Fumio Kishida picks his replacement in a key vote that could affect the country’s political stability in coming months.

Shigeru Ishiba, a former defense minister known for his plainspoken opinions, will replace Fumio Kishida next week.

Japan ’s former defence minister, Shigeru Ishiba, has won the ruling Liberal Democratic Party’s (LDP) presidential election at his fifth and final attempt, defeating economic security minister Sanae Takaichi in a runoff vote.

TOKYO (AP) — The governing party of outgoing Japanese Prime Minister Fumio Kishida holds a key vote Friday that will establish a new national leader.

Japan’s Prime Minister Fumio Kishida has resigned with his Cabinet, paving the way for his likely successor Shigeru Ishiba to take office

Asian markets have had a wild start to the week, with Tokyo’s Nikkei 225 index tumbling nearly 5% while Chinese markets soared on news of fresh stimulus for the faltering economy