The Democratic Party of Japan picked former trade and industry minister Banri Kaieda as its leader following a Dec. 16 election rout that saw the group lose three quarters of its seats in the lower house.
Yoshihiko Noda has accomplished more than Japan’s five previous prime ministers in his first year in office. He may still lose his job, after dividing his party, outraging anti-nuclear activists and raising taxes.
A group of ruling party lawmakers called on the Bank of Japan to set an inflation target of above 2 percent and asked the government to name central bank board members who favor the move when two seats open up in April.
Japanese Prime Minister Naoto Kan sparked a succession race after announcing his resignation, undone by a backlash over his handling of the March earthquake and tsunami that spawned the nation’s deepest postwar crisis.
Japan’s ruling party today chooses Naoto Kan’s successor as prime minister following weekend debates that revealed differences over how to cover the costs of rebuilding from the March 11 earthquake and a nuclear meltdown.
Japan’s Finance Minister Yoshihiko Noda joined former Foreign Minister Seiji Maehara in vying to become the next prime minister, as the downgrade of the country’s credit rating adds pressure on the country’s next leader to deal with the world’s largest public debt burden.