India, Oct. 4 -- Japan's ruling Liberal Democratic Party (LDP) on Saturday elected conservative nationalist Sanae Takaichi as its new president, positioning her to become the country's first female prime minister.

Takaichi, 64, secured victory over her closest rival, Shinjiro Koizumi, 44, in a tightly contested race aimed at restoring public trust in the LDP amid mounting economic pressures and declining voter confidence. A parliamentary vote to formally elect the new prime minister, replacing Shigeru Ishiba, is scheduled for October 15.

The LDP, which has dominated Japanese politics for most of the postwar era, faces an uphill task after losing its majority in both houses under Ishiba's leadership. Takaichi's win comes as the party gra...