Japan's parliament formally elected Shigeru Ishiba as the country's prime minister to replace Fumio Kishida, whose administration was rocked by scandals.

Japan’s parliament on Tuesday elected Shigeru Ishiba, head of the governing Liberal Democratic Party, as the country’s new prime minister.Ishiba was chosen as the party's leader on Friday to replace Fumio Kishida,

Japan’s Nikkei 225 index tumbled by more than 4% on Monday, driven by a combination of underwhelming industrial production figures and the market’s reaction to the election of new Prime Minister Shigeru Ishiba.