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Edition: U.S. Article Comments (0) Save Email Print Reprints Most Popular Most Shared Containment cap placed on BP well -US Coast Guard 03 Jun 2010 WRAPUP 14-BP lowers containment cap onto crippled wellhead 12:38am EDT BP puts containment cap on gushing Gulf well pipe | Video 3:28am EDT New Apple iPhone on tap but may fail to dazzle 12:31am EDT Tobacco companies contest NY anti-smoking signs 03 Jun 2010 Gulf spill trickier than Valdez and Three Mile Island 03 Jun 2010 South Korea urges world to rein in reclusive North | Video 1:05am EDT Caffeine addicts get no real perk from morning cup 02 Jun 2010 BP's battered brand draws consumer opposition 3:30am EDT U.S. indicts Texan for trying to aid Yemen al Qaeda 03 Jun 2010 Book asks: Is Internet ruining our minds? 03 Jun 2010 BP puts containment cap on gushing Gulf well pipe | Video 3:28am EDT UK scheme for MS drugs "a costly failure" -experts 03 Jun 2010 Caffeine addicts get no real perk from morning cup 02 Jun 2010 Containment cap placed on BP well -US Coast Guard 03 Jun 2010 Dell CEO says considered taking company private 03 Jun 2010 New Apple iPhone on tap but may fail to dazzle 12:31am EDT Hall of Fame coach Wooden in grave condition: reports 03 Jun 2010 UPDATE 1-Vale to resume talks with strking Sudbury workers 26 May 2010 Fed should raise rates to 1 percent: Hoenig 03 Jun 2010 Japan ruling party picks Kan for PM before election Linda Sieg and Yoko Nishikawa TOKYO Fri Jun 4, 2010 2:37am EDT Factboxes Factbox: Recent comments by Japan PM-to-be Kan 12:22am EDT Factbox: Five facts about Japan finmin contender Noda 2:37am EDT Related News Japan's Kan may be more pragmatic premier Thu, Jun 3 2010 Instant View: Japan Democrats pick Finmin Kan as next PM 12:42am EDT Japan's Finance Minister Naoto Kan enters a news conference at the Democratic Party of Japan's headquarters in Tokyo June 3, 2010. Credit: Reuters/Issei Kato TOKYO (Reuters) - Finance Minister Naoto Kan, a fiscal conservative previously best known for battling bureaucrats, was chosen on Friday to be Japan's next premier as the ruling party tries to repair its fortunes ahead of a national election. World | Japan Kan, 63, will become Japan's fifth prime minister in three years, taking the helm as the country struggles to rein in a huge public debt, engineer growth in an aging society, and manage ties with security ally Washington and a rising China. The Democratic Party of Japan picked Kan by an overwhelming majority to succeed unpopular Prime Minister Yukio Hatoyama, who quit this week ahead of an upper house poll expected in July that the ruling bloc needs to win to avoid policy deadlock. He was later voted in by parliament's powerful lower house. "With all of you, I would first would like to compile firm policies or plans to rebuild Japan...ahead of the upper house election," Kan said in his acceptance speech before leaving the stage and pumping his fist in the air. Kan's rise to the top job could spell bolder steps ahead to rein in a public debt that is already twice the size of the economy, although he faces opposition from many in his party ahead of the election. Hatoyama, his voter ratings in tatters, resigned on Wednesday just eight months after the Democrats swept to power pledging to cut waste, wrest control of policy from bureaucrats, and give consumers more cash to stimulate domestic demand. His abrupt departure has raised concerns among investors that the government will delay efforts to thrash out plans, due out this month, to cut public debt and craft a growth strategy. BATTLING DEFLATION, FISCAL REFORM Financial market players generally welcomed Kan as Japan's next leader, whose selection improves the ruling bloc's prospects at the polls, though many wondered how much would change. "If Hatoyama had remained, the party would have had a big loss at the election and the political situation would have been chaotic," said Hiroyuki Nakai, chief strategist at Tokai Tokyo Research. "But with Kan in charge now, the sense of stagnation in politics and the economy is receding somewhat, even though much will depend on the make-up of the cabinet." Kan, a former health minister who got his start in politics as a grassroots activist, has forged an image as a fiscal conservative and occasional central bank critic since assuming the finance post in January. He was among the few cabinet ministers to urge early debate on raising Japan's 5 percent sales tax, a step economists say is vital to fund the huge social welfare costs of a graying society. Kan said in a statement that he would work with the Bank of Japan to beat the deflation bedeviling Japan's economy. As finance minister, Kan has pressured the central bank to do more in the battle against deflation, although for now the government and BOJ seem to be on the same page. He also said he would keep Japan's policy to cut greenhouse gas emissions by 25 percent by 2020 from 1990 levels. Financial markets will be watching the new leader's comments on currencies as well. "(Kan's) appearance of being in favor of a weaker yen is being viewed positively by the stock market. For the Nikkei to move much over 10,000, we need currencies to move toward a weaker yen," said Kenichi Hirano, operating officer at Tachibana Securities. GRASSROOTS ACTIVIST, OZAWA FACTOR Unlike his recent predecessors as premier, Kan does not hail from a political dynasty. That could appeal to voters weary of leaders born with silver spoons in their mouths who proved inept at governing. He got his start in politics as a grassroots student activist, later joining small political parties before helping to found the then-opposition Democratic Party in 1996. Kan defeated his only rival, 50-year-old Shinji Tarutoko, a little-known lawmaker who had won backing from some supporters of party powerbroker Ichiro Ozawa. Ozawa, seen as pulling the strings in Hatoyama's government, also quit his key post as party secretary-general this week in an effort to improve the party's image, tarnished by funding scandals that embroiled Ozawa, Hatoyama and other lawmakers. Kan, who helped found the DPJ in 1996 and is hardly a fresh face, has made clear he wants to sideline the 68-year-old Ozawa, whose image as an old-style wheeler dealer has undermined the Democrats' pitch as purveyors of change. But while the wily Ozawa may withdraw into the shadows, skeptics question whether his influence will entirely fade. That matters because Ozawa, known as a master campaign strategist, is reluctant to promise bold fiscal reform steps such as raising the sales tax ahead of the upper house poll. Kan, who is likely to be sworn in by the emperor early next week, will form his new cabinet on Tuesday, a DPJ official said. The current session of parliament will likely be extended to enact key bills and the upper house election held on July 25, Japanese media said. The Democrats swept to power in a historic election last year and will run the government whatever the outcome of the July upper house poll, but the ruling bloc needs to win a majority in that chamber to ensure that legislation is enacted smoothly. Media surveys showed Hatoyama's resignation had given the faltering party a boost, but analysts have said the Democrats and their tiny ally, the conservative People's New Party, might have to find new partners, including small partners recently formed by defectors from the ousted Liberal Democrats. Kan faces a tough task keeping ties with the United States on track, since a deal clinched by Hatoyama with Washington to shift a U.S. airbase to the southern Japan island of Okinawa is staunchly opposed by local residents. Kan became Japan's most popular politician for a time when as health minister in 1996, he forced bureaucrats to expose a scandal over HIV-tainted blood products. (Reporting by Linda Sieg and Yoko Kubota; Editing by Hugh Lawson and Edwina Gibbs) World Japan Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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