Japanese Foreign Minister Yoko Kamikawa. (Source: Kyodo)

Ms. Kamikawa, 71, has been considered one of the leading candidates to become Japan's first female prime minister since her appointment as foreign minister in September 2023. She is a member of the LDP faction previously led by Prime Minister Kishida Fumio.

Chief Cabinet Secretary Yoshimasa Hayashi, a member of the Kishida faction, is also considering running. Sources close to him said he is considering formally declaring his candidacy as early as August 27.

The race for the LDP presidency comes after Prime Minister Kishida unexpectedly announced that he would not seek re-election as LDP leader and took responsibility for the slush fund scandal that came to light late last year, which has significantly eroded public trust in Japanese politics.

While the political fundraising scandal has dented the ruling party's popularity, expectations are growing that the new LDP leader could dissolve the lower house of parliament to hold a snap election soon after becoming prime minister, possibly in October.

So far, more than 10 LDP lawmakers have expressed interest in entering the leadership race, with former Economic Security Minister Takayuki Kobayashi, 49, and former Defense Minister Shigeru Ishiba, 67, both declaring their candidacies.

To run for party president, a candidate must convince at least 20 LDP lawmakers to support him.