The Japanese media says the ruling DPJ is expected to hold a party leadership election on August 29th. Japanese Prime Minister and his cabinet are expected to resign and call the vote once two key bills are passed tomorrow. The country's finance minister, industry minister and a former foreign minister , are in the running for the nation's top job.
Japanese Prime Minister Naoto Kan has confirmed he'll be stepping down as head of the ruling party, once two key bills are enacted. The first bill will allow the government to issue deficit-covering bonds in fiscal 2011, while the other will promote the use of renewable energy. The two bills are expected to be passed by Friday. Then, once the new leader of the party is chosen, Kan will quit as prime minister. This will clear the way for a new leader to try to cope with Japan's nuclear crisis and a slew of economic ills.
Candidates will be vying to become Japan's sixth leader in five years. Former Foreign Minister, Seiji Maehara, said on Tuesday he will stand for the presidency of the ruling democratic party. Finance minister Yoshihiko Noda and industry minister Banri Kaieda have also stepped forward as candidates.
On Wednesday Maehara sought the backing of former prime minister Yukio Hatoyama and former party leader Ichiro Ozawa. While he failed to secure their support, the latest Kyodo poll shows Maehara as the most popular of the candidates at 28 percent.