Finance Minister Noda elected leader of Japan's ruling party

Finance Minister Yoshihiko Noda has been elected the new head of Japan's ruling party, succeeding outgoing Prime Minister Naoto Kan, Japanese NHK TV company reported. Noda will almost certainly become the next prime minister and inherit the challenge of tackling the consequences of the March 11 quake. Democratic Party of Japan (DPJ) lawmakers voted 215 out of 395 for Noda, who defeated Trade Minister Banri Kaieda in a run-off after former foreign minister Seiji Maehara was rejected on the first ballot. The DPJ is set to use its majority in the lower house of parliament to appoint Noda as prime minister to succeed Kan as soon as Tuesday. Noda, 54, is known as a fiscal conservative.