(MENAFN- IANS) Tokyo, Oct 28 (IANS) Japanese Prime Minister Shigeru Ishiba on Monday said he will continue as prime minister to lead the government and tackle growing economic and security challenges after his ruling bloc suffered a crushing blow in the general election the day before.

Ishiba, head of the Liberal Democratic Party (LDP), described the election outcome, in which the ruling coalition, for the first time in 15 years, lost its majority in the 465-member House of Representatives, as "harsh," while stressing "we cannot afford a political stalemate."

At a press conference held at LDP headquarters on Monday, Ishiba dismissed the idea of changing the ruling coalition's composition for now but expressed a desire to incorporate policy ideas from the Opposition camp, Xinhua news agency reported.

While the LDP's goal of retaining its majority along with its coalition partner Komeito was not achieved, Ishiba vowed to fundamentally reform the party to restore voter confidence affected by a slush fund scandal.

The main reason behind the election defeat is that "we failed to address people's suspicion, distrust and anger over the underreporting of political funds and the issue of money in politics," Ishiba said.

Following Sunday's election, the LDP and Komeito got 215 of the 465 seats in the powerful chamber of parliament, a sharp drop from 288, marking the first time since 2009 that they have lost majority control.

The LDP alone only secured 191 seats, much less than the 247 seats it held prior to the election, while the main Opposition, the Constitutional Democratic Party of Japan, surged to 148 seats from 98.

The LDP's election strategy chief Shinjiro Koizumi resigned on Monday to take responsibility in light of the party's dismal election results, local media reported.

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