TOKYO - With Japanese Prime Minister Shigeru Ishiba stepping down, Japan's ruling Liberal Democratic Party (LDP) is bracing for a heated leadership contest as major contenders signal their intention to run.

Former foreign minister Toshimitsu Motegi on Monday announced his intention to run, pledging to devote his full political experience to the party and government.

Chief Cabinet Secretary Yoshimasa Hayashi has also decided to run, Kyodo News cited party insiders.

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The LDP is expected to finalize voting procedures for the election as early as Tuesday, according to the report.

Both Motegi and Hayashi ran in last year's leadership contest. Motegi, a veteran politician, also served as LDP policy chief.

Other potential contenders include former Economic Security Minister Sanae Takaichi and Agriculture Minister Shinjiro Koizumi.

Ishiba on Sunday announced his decision to resign amid growing calls for him to take responsibility for the party's election defeat.

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In a landmark political setback in July, Japan's ruling coalition lost its majority in the House of Councillors, signaling deep public dissatisfaction with the government.

The defeat follows a similar outcome in the 2024 House of Representatives election, leaving the ruling bloc a minority in both chambers of the parliament, a historic first since the LDP's founding in 1955.