Fumio Kishida expected to become Japan's next Prime Minister after winning leadership election

Japan's ruling Liberal Democratic Party (LDP) elected former top diplomat Fumio Kishida as its new leader on Wednesday after a tightly contested race that ended in a runoff vote -- clearing a path for him to become the country's next Prime Minister.

Kishida is widely expected to take the reins of the world's third-largest economy once Parliament convenes in October, succeeding outgoing Prime Minister Yoshihide Suga, owing to the LDP's majority in the lower house. The general election is expected to be held later this year.

In a speech following his victory, Kishida said he will "start running at full speed" to work toward "a bright future for Japan."