Mr. Ishiba Shigeru casts his vote in the election for the leadership of Japan's ruling LDP party on September 27. (Source: AP)

According to Nikkei Asia , Mr. Ishiba won a total of 214 votes, while his opponent, Economic Security Minister Takaichi Sanae, won 194 votes.

Speaking after his victory, Mr Ishiba said: "Prime Minister Kishida has made the decision to revive the LDP and regain public trust. We must all work together to achieve this."

Previously, Mr. Ishiba Shigeru (67 years old) and Ms. Takaichi Sanae (63 years old) were the two candidates with the highest number of votes in the first round of voting, which had 9 candidates participating in the election. However, neither candidate secured an absolute majority (50% of the votes), so a second round of voting had to be held.

The LDP president serves a three-year term and can serve up to three consecutive terms. With the LDP currently holding a majority in the Diet, the LDP leader is almost certain to become Japan's prime minister.

The Japanese Parliament will hold an extraordinary session in early October to vote and officially announce Mr. Ishiba as the new Prime Minister to replace Mr. Kishida Fumio.

Prime Minister Kishida and his Cabinet will resign on October 1 and the new Prime Minister will form a new Cabinet later that day.

Speaking after the election, Prime Minister Kishida said: "From now on, under the leadership of the new President, we must unite to fulfill our responsibility to the people."

The leader called on his successor to form a strong cabinet with executive power, decisiveness and the ability to formulate policies and deliver results.

Japan's new prime minister will run the world's fourth largest economy in a period of high inflation, rising living costs, a weak yen, and facing growing security challenges in the region and around the world.