A fringe far-right populist party in Japan was one of the biggest winners in the weekend’s upper house election.

A Japanese political party seemingly inspired by U.S. President Donald Trump’s “America First” agenda made significant gains in the country’s parliamentary elections on Sunday. Japan’s relatively new Sanseito party won 14 seats in Sunday’s upper house election.

Japan’s shaky ruling coalition is likely to lose its majority in the upper house, exit polls showed after Sunday’s election, potentially heralding political turmoil as a tariff deadline with the United States looms.

Prime Minister Ishiba Shigeru and his Liberal Democratic Party were projected to lose their majority coalition government in Japan's Upper House of Parliament on Monday.

The Japanese Prime Minister lost his majority in Sunday's upper house election, but Asian markets were fairly calm on Monday since they had priced in an even worse result for the government. Political instability will complicate the picture for the Bank of Japan,