The Japanese parliament officially elected Sigeru Ishiba as the country's new prime minister on Tuesday, replacing Fumio Kishida.

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

Stocks dropped after Japan’s governing party chose Shigeru Ishiba, a critic of the country’s longstanding ultralow interest rates, as its leader.