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

TOKYO — The governing party of outgoing Japanese Prime Minister Fumio Kishida holds a key vote Friday that will establish a new national leader.

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.