Fumio Kishida has pledged to create a position for a minister of economic security, as the country seeks to bolster its semiconductor industry, amid worldwide shortages

Japan’s Fumio Kishida was appointed prime minister by parliament Monday, and is set to reveal a new cabinet line-up as he seeks to revive support for his ruling party ahead of a general election that could likely come this month.

The ruling Liberal Democratic Party used its majority to formally elect Kishida, who will be the second premier in about a year, and is looking to hold a national election on Oct. 31, national public broadcaster NHK and Kyodo News said Monday, with an upper house vote due next year.

Most of the new cabinet members have already been reported by domestic media and the incoming premier may struggle to attract voter interest given that almost all of the members of his team are party veterans. After pledging to appoint younger lawmakers, he is set to remove 81-year-old Finance Minister Taro Aso from his post, replacing him with former Olympics Minister Shunichi Suzuki, 68.

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Kishida won the LDP leadership race last week, beating three opponents, two of whom he’s already appointed to party positions, with the third set to join his cabinet. The new team will need to help revive the pandemic-hit economy as it exits a state of emergency and also find a way to balance ties between China, the country’s biggest trade partner and the U.S., its only treaty ally.

Kishida has pledged to create a position for a minister of economic security, as the country seeks to bolster its semiconductor industry, amid worldwide shortages. He’s also vowed to focus on bolstering the middle classes by raising incomes.

In a good sign for Kishida, data last week showed confidence among big Japanese businesses unexpectedly improved for a fifth straight quarter, defying a record wave of coronavirus infections and suggesting a potentially faster recovery under the nation’s new prime minister.