TOKYO (MNI) – Finance Minister Yoshihiko Noda won the ruling
Democratic Party of Japan leadership election Monday and is set to
become the eighth Prime Minister in 10 years following Naoto Kan’s
resignation Friday.
In a second, final vote, Noda defeated Economy, Trade and Industry
Minister Banri Kaieda with a 215-to-177 majority vote, according to the
official results of the ballots cast by the 395 DPJ members, 392 of
which were valid.
Noda came from behind after finishing the first round with 102
votes, trailing Kaieda’s 143 votes. The top contender failed to win
majority support, leading to a run-off vote.
After the first vote, the supporters of Agriculture, Forestry and
Fisheries Minister Michihiko Kano agreed to vote for Noda in the final
vote, public broadcaster NHK reported. Kano won 52 votes, finishing
third after former Foreign Minister Seiji Maehara, who received 74
votes.
After being elected the new leader, Noda called for unity among the
divided party amid falling public approval of the Kan government.
Noda, 54, has been in charge of orchestrating Japan’s intervention
in the foreign exchange market aimed at stopping the yen’s rapid rise
from hurting the export-led recovery, and planning fiscal consolidation
amid surging public debt levels.
In his election campaign speech on Monday, the finance minister
urged a balanced approach toward rebuilding quake-hit regions with
program spending while also drawing up a framework for reducing
outstanding government debt.
Kaieda, 62, had been endorsed by former leader Ichiro Ozawa and
former Prime Minister Yukio Hatoyama. As trade minister, he has been
dealing with the nuclear radiation crisis and power shortages caused by
the March earthquake and tsunami.
The trade minister cautioned against hurriedly seeking fiscal
consolidation when Japan needs to boost fiscal spending to recover from
the disaster.
tokyo@marketnews.com
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