Shigeru Ishiba, the newly elected Japanese prime minister, gave his first policy speech to parliament on Friday, vowing to restore public trust in politics following a series of scandals and trying to reassure the public amid rising living costs.

Ishiba was elected prime minister earlier this week

At the beginning of his speech, Ishiba expressed "deep regret" over a high-profile slush funds scandal that heavily tarnished the image of the ruling Liberal Democratic Party (LDP).

"I will restore confidence in politics lost over the issue of political funds and will explain to the people more clearly than ever the situation in which Japan finds itself," Ishiba said. "It is the responsibility of politics to rebuild a safe, secure and prosperous Japan by gaining the understanding and empathy of the people."

In terms of economic policy, Ishiba promised to swiftly craft a fresh package of measures to help inflation-hit households struggling to cope with rising prices, with the yen's depreciation leading to higher import costs.

"It's necessary that we provide support to those reeling from rising prices until a virtuous cycle of growth and redistribution is certainly in motion, where pay hikes outpace inflation and companies invest proactively," Ishiba said.

The 67-year-old former defense minister set a goal of achieving a 1,500 yen (about $10) average minimum hourly wage across the nation by the end of the 2020s, earlier than the previous government's target. It currently stands at 1,055 yen.

On energy, Ishiba said Japan will ensure the safety of nuclear reactors and create the best energy mix to satisfy growing demand, contrasting with his stance in last month's LDP presidential election when he argued for the country to reduce its reliance on nuclear power to zero and make greater use of renewable sources.

Regarding diplomacy and security issues, the prime minister expressed his willingness to seek "constructive and stable" ties with China through dialogue, while making bilateral ties with South Korea "more robust and wide-ranging."

Sessions in which representatives of the ruling and opposition parties will ask questions in response to Ishiba's policy statements are expected to be held in the Lower House and the Upper House on October 7 and 8.

Ishiba has announced his intention to dissolve the Lower House on October 9 for a snap election on October 27.