Heading into the most consequential Japanese upper house election in memory and a possible defeat for the coalition of Prime Minister Shigeru Ishiba, investors are weighing whether a record sell-off in the nation's debt has further to run.

While foreign nationals do not have the right to vote unless they naturalize, as residents they contribute to the economy, pay taxes and raise families in Japan. As electoral results could impact their lives, The Japan Times asked several foreign residents to weigh in. Interviews have been edited for brevity and clarity.

Japan's top tariff negotiator Ryosei Akazawa will visit Washington from Monday for an eighth round of trade talks, with the deadline

In today’s edition … How the Japanese Diet is getting in the way of a trade deal ... Congress approves Trump’s foreign aid and public broadcast cuts.

“It’s possible Japan might experience its own triple whammy of market turmoil, perhaps a Japanese version of the ‘Trump crisis’ that occurred in April,” said Hideo Kumano, an economist at Dai-Ichi Life Research Institute, referring to a simultaneous fall of stocks, currencies and bonds.

Japanese Prime Minister Shigeru Ishiba on Monday apologized to the ruling Liberal Democratic Party (LDP) for the election loss, adding that he will continue to govern in coalition with Komeito.

Japan's shaky minority government is poised for another setback in an upper house vote on Sunday, an outcome that could jolt investor confidence in the world's fourth largest economy and complicate tariff talks with the United States.

Asian shares and the yen held their ground on Monday as Japanese elections proved bad for the government but no worse than already priced in, while Wall Street futures braced for earnings from the first of the tech giants.

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Tourism operators are not confident whether arrivals from Japan and South Korea can match the same level as 2024, as negative factors such as a strong baht, rivalry with Vietnam, as well as the two countries' weak economies continue to impact spending power.

Opinion polls suggest Ishiba’s Liberal Democratic Party may fall short of a majority in Upper House elections.