Japan's Parliament has elected Shigeru Ishiba, the new leader of the ruling liberal Democratic Party (LDP), as the country's prime minister. Former Prime Minister Fumio Kishida stepped down earlier in the day to make way for the new leader.

Japan's new leader Shigeru Ishiba appointed a proponent of former premier Shinzo Abe's "Abenomics" policies as finance minister on Tuesday, in an apparent balancing act to alleviate concerns over the next cabinet's economic strategy.

Japan's parliament formally elected Shigeru Ishiba as the country's prime minister to replace Fumio Kishida, whose administration was rocked by scandals.