Japan's benchmark Nikkei 225 index has tumbled nearly 5% after the country's ruling Liberal Democrats chose Shigeru Ishiba, a former defense minister, as the next prime minister

Shigeru Ishiba won the race to become Japan's next prime minister on Friday. The elections on Friday saw a close fight between Ishiba and hardline nationalist Sanae Takaichi in a run-off vote. It was was seen as one of the most unpredictable leadership elections in decades, with a record nine candidates in the fray.

The 67-year-old's successful leadership bid after four failed attempts puts the self-confessed lone wolf at the helm of a Liberal Democratic Party that has ruled Japan for most of the past seven decad