THE FRONTRUNNER to become Japan's next leader cleared the only major hurdle to power yesterday when he was elected president of the ruling Liberal Democrats (LDP) on his fourth attempt.
Taro Aso (67), a staunch nationalist and veteran LDP member, is now certain to become the country's 92nd prime minister after overwhelming his four rivals, including the first woman candidate, Yuriko Koike.
He will replace outgoing prime minister Yasuo Fukuda, who stumbled through 12 months in office, dogged by political gridlock and low popularity, once parliament's lower house votes him into office tomorrow.
However, Mr Aso's long quest for the prime minister's office ends just as it is being hit with what one analyst called "a perfect storm" of problems, led by the slumping economy, a divided government and the LDP's worst crisis since 1955.
Japan's central bank has poured ¥12.5 trillion (€80.6 billion) into the country's money markets in an effort to keep the global financial turmoil at bay.
Even before that crisis began, the economy appeared headed for recession after six years of expansion.
"The greatest concern right now is the economy," Mr Aso said while campaigning over the weekend. "America is facing a financial crisis . . . we must not allow that to bring us down as well."
As leader, he has proposed scrapping balanced budgets and a ¥30-trillion (€193 billion) ceiling on annual government bond issues, set by former prime minister Junichiro Koizumi.
Such a move is certain to rile international markets - Japan has easily the worst public debt in the G8, by some measures almost twice as big as the country's annual gross national product.
Mr Aso however said last week he would press ahead.
The LDP is hoping that Mr Aso, an outspoken, comic-loving businessman and one of its few charismatic politicians, can lead the party through the coming storm and revive its slumping popularity, battered after the loss of two hand-picked prime ministers in as many years.
Critics immediately accused the party of nepotism.
Mr Aso's grandfather was Shigeru Yoshida, arguably the most important of Japan's postwar leaders, while his predecessors, Mr Fukuda and Shinzo Abe, both came from prominent political families.
"They lose two prime ministers and come up with another scion of a political dynasty," political scientist Koichi Nakano told The Irish Times last night.
"What this election shows is the diminishing pool of talent in the LDP. They're not fit to govern."
Mr Aso is under pressure now to quickly test out that proposition in a general election, which he is likely to call next month, pitting him against the opposition Democrats (DPJ), who control the upper chamber.
The stakes are high: if he misjudges the timing or the mood of the electorate, he will hand power to his rivals, ending the LDP's half-century reign.