Japanese Prime Minister Shigeru Ishiba was re-elected in a parliamentary run-off vote on Monday after the ruling coalition lost a majority in the Lower House general election about two weeks ago as many voters, weary of high costs, punished Ishiba's conservative Liberal Democratic Party for its widespread political funding scandal. Ishiba continues to face the challenge of running a minority government in a hung parliament.

In the country's first run-off election of prime minister in 30 years, Ishiba beat Yoshihiko Noda, a former prime minister and the leader of the main opposition Constitutional Democratic Party of Japan, by winning 221 votes against 160 for Noda and 84 invalid votes given to other members of the House of Representatives. Just before the second house vote, the 240-seat House of Councillors (eight vacancies), where the LDP holds a comfortable majority, had picked Ishiba.

Ishiba is expected to reappoint key cabinet ministers while bringing in some younger lawmakers. He is seeking close working ties with Bank of Japan policymakers. He told reporters last month that the government would avoid discussing specifics of what the BOJ should do to achieve 2% price stability with sustained wage hikes.

Global-FYI tracks critical developments fon the global markets including political news, special central bank announcements, and substantial moves in the financial markets.

Major political events and special announcements by the global central banks can shift both the short-term and long-term outlooks for the global economy and financial markets.