Shigeru Ishiba narrowly won the second round of the ruling party, the Liberal Democratic Party (LDP), chairman election in Japan on Friday, and will become Japan's next prime minister.

The 67-year-old former Minister of Defense and Agriculture, who has challenged this leadership position five times, as the LDP chairman, will succeed Fumio Kishida in the parliament vote on October 1.

Ishiba's victory follows an extraordinary LDP leadership election with a record-breaking nine candidates. The LDP announced dissolution of most factions historically controlling internal votes this year, intensifying the competition. Ishiba, after the results were announced, told party lawmakers at a meeting, "I believe in the people, speaking out the truth with courage and sincerity, I will do my best to make Japan a safe country where everyone can live with a smile again."

After Shigeru Ishiba's victory was announced, the yen immediately rose, with the yen-to-dollar exchange rate increasing by more than 1%. The market believes he will not hinder the Bank of Japan from normalizing monetary policy and will push the bank to raise interest rates.

During the campaign, Shigeru Ishiba expressed support for companies taking on a heavier tax burden, as he will inherit an economy that has emerged from years of deflation but faces headwinds from an aging population and shrinkage.

Shigeru Ishiba is known for his interest in trains and military vehicles, a group widely known in Japan as "otaku," and his election proposals even include establishing an "Asian NATO."

Throughout his long parliamentary career, he is known as a candid rebel, unafraid to make enemies within the party. Before the vote count on Friday, he apologized for the "unpleasant experiences" caused over the years in a brief speech to members of the Liberal Democratic Party.

Meanwhile, Sanae Takaichi suffered defeat. She is a staunch conservative who lost to Fumio Kishida in the second round of voting on Friday. Members of the Liberal Democratic Party and party representatives from all 47 prefectures in Japan cast their votes. Takaichi received 194 votes, while Kishida received 215 votes, causing her to miss the chance to become Japan's first female prime minister.

Earlier in the day, the party's first round of voting eliminated Shinjiro Koizumi, the son of former Japanese Prime Minister Junichiro Koizumi, who could have become Japan's youngest prime minister. In the hours leading up to the announcement of the voting results, Koizumi was still a favorite among political analysts.

Fumio Kishida's father served as the governor of Tottori Prefecture and later as the Minister of Internal Affairs. After a brief career in banking, Fumio Kishida entered politics. He entered the parliament at the age of 29 in 1986, becoming the youngest member of the Lower House in Japanese history at that time.