Japanese Prime Minister Shigeru Ishiba is preparing to announce his resignation by August following the ruling Liberal Democratic Party (LDP)'s review of its poor performance in the July 20 House of Councilors election, he informed those around him on Wednesday, reports The Mainichi daily.

Ishiba is expected to have discussions the same day regarding his future with Taro Aso, the party's supreme adviser, Yoshihide Suga, the party's vice president, and former Prime Minister Fumio Kishida—all former prime ministers.

A government insider commented, "Prime Minister Ishiba is adopting a stance of bowing his head to the three."

On July 21, Ishiba declined to leave his post after the LDP suffered its second consecutive defeat in parliamentary elections. On Sunday, the party lost its majority in the upper house and last fall—in the lower house. According to him, he cannot resign because must fulfill the promises made to voters by the authorities.