Japanese PM Mori on way out

Prime Minister (PM) Yoshiro Mori of Japan formally told his cabinet on Friday that he intends to resign.

``I made up my mind to resign because I think it is necessary to tackle mounting issues both at home and abroad and restore confidence in politics under a new administration. The preparation of emergency measures to advance restructuring of Japan`s economy and lay the groundwork for economic growth offered a turning point today,`` he said.

The ruling Liberal Democratic Party (LDP) said Thursday it would hold an election to replace Mori as party president, and hence premier, on Apr. 24. The announcement of Mori`s exit came one year after he took office on Apr. 5 last year.

Factions in the party have begun to look for an uncontested successor to Mori.

As Hiromu Nonaka, an LDP powerbroker and its former secretary general, who was once considered Mori`s most likely replacement in the dominant faction led by former prime minister Ryutaro Hashimoto, declined to run in the internal leadership election the group is moving fast to put up its head Hashimoto. He is currently minister of administrative reform.