The newly-elected leader of Japan's ruling Liberal Democratic Party (LDP), Fumio Kishida, will take office as prime minister on Monday and launch his new government that aims to promote economic recovery while taking COVID-19 under control.

With the LDP-led ruling coalition controlling both chambers, the 64-year-old Kishida is almost guaranteed to be elected prime minister at an extraordinary parliamentary session on Monday.

The new leader plans to dissolve the House of Representatives on October 14, and consequently, a general election is likely to be held on November 7, local media reported citing sources.

Kishida has promised to increase middle-class incomes and reduce wealth disparity under his "new form of capitalism," which is viewed as a break from the "neoliberal policies" that the Japanese government has pursued over the past two decades.

In addition, he said an economic package worth "tens of trillions of yen" is being prepared to help people and businesses suffering from the COVID-19 pandemic.

His predecessor Yoshihide Suga, who took office last year, announced that he would not seek re-election last month amid public dissatisfaction with his COVID-19 response.

As Japan's COVID-19 infections decline and nearly 60 percent of Japan's population has received a second shot of vaccines, Kishida will need to handle gradually lifting the restrictions on social and business activities and opening the border to foreign travelers.

He plans to finish the lineup of his cabinet on Sunday. In his prospective cabinet, former Education Minister Hirokazu Matsuno, 59, is set to become chief cabinet secretary, and former Environment Minister Shunichi Suzuki, 68, is likely to replace his brother-in-law Taro Aso as finance minister of the country, local media reported.

Kishida also plans to create a new ministerial post for economic security with responsibility for crafting a national strategy designed to end the drain of intellectual property from Japan. It remains unknown who will take up the post.

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(Cover: Fumio Kishida speaks during a press conference after being elected as the new leader of the ruling Liberal Democratic Party in Tokyo, Japan, September 29, 2021. /CFP)