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Outgoing Japanese Prime Minister Shigeru Ishiba resigned with his cabinet on Tuesday, marking an end to the administration that took office just over a year ago, the Xinhua News Agency reported on Tuesday.

At an extraordinary cabinet meeting held shortly before 9 am local time, ministers submitted their letters of resignation, and the Ishiba cabinet formally stepped down, Xinhua said. 

Ishiba's tenure will end on the 386th day, making him the 24th longest-serving of the country's 36 post-World War II prime ministers, according to Japanese news agency Jiji. 

The election to pick Ishiba's successor will be held at a plenary meeting of the House of Representatives from 1 pm Tuesday and at a plenary session of the House of Councillors from 1:30 pm, Jiji reported. 

If different candidates are picked by each chamber, the result of the election in the Lower House will be prioritized in accordance with the Constitution. Later on Tuesday, the new prime minister will launch a cabinet and hold a press conference, the Japanese media said. 

Japan's ruling Liberal Democratic Party and the major opposition Japan Innovation Party signed a coalition agreement on Monday, with LDP head Sanae Takaichi almost certain to become Japan's first female prime minister the following day, Kyodo reported on Monday.