Ishiba Shigeru, leader of the Liberal Democratic Party, has emerged victorious in a runoff vote for prime minister in the Lower House of the Japanese Diet. He becomes the country's 103rd Prime Minister.

Ishiba garnered 221 votes from Lower House members, in comparison to 160 votes for Noda. He also secured the most votes in the Upper House, where the ruling coalition holds a majority.

Ishiba is expected to form his new Cabinet later on Monday and hold a news conference to discuss his next moves.

Ishiba's Cabinet resigned en masse at an extraordinary Cabinet meeting on Monday morning. A special Diet session is scheduled in the afternoon to elect the country's next prime minister.

The LDP-led ruling coalition lost its majority in the Lower House election on October 27. This means the vote for prime minister is expected to go to a runoff between Ishiba and Noda Yoshihiko, president of the largest opposition party, the Constitutional Democratic Party of Japan.