Japan’s long-governing party will choose a new leader to replace Prime Minister Shigeru Ishiba in a key party vote on Saturday, as it hopes to regain public support and stay in power after major election losses.

The Liberal Democratic Party (LFP), whose consecutive losses in parliamentary elections in the past year have left it in the minority in both houses, wants to select a leader who can quickly address challenges in and outside Japan, while seeking cooperation from key opposition groups to implement its policies.

Five candidates – two currently serving and three former ministers – are vying for the LDP presidency.

The winner is likely to be Japan’s next prime minister because the party remains by far the largest in the lower house, which determines the national leader, and because opposition groups are highly splintered.

Saturday’s vote, however, is an intraparty contest that only involves 295 LDP parliamentarians and about 1 million dues-paying members. It only reflects 1 per cent of the Japanese public.

Surveys have suggested the front-runners are Agriculture Minister Shinjiro Koizumi, who would be the youngest prime minister in more than a century, former Economic Security Minister Sanae Takaichi, a hardline ultraconservative who would be the first female prime minister, and Chief Cabinet Secretary Yoshimasa Hayashi, a moderate veteran politician.

Two others, Trade Minister Toshimitsu Motegi and Economic Minister Takayuki Kobayashi, are not seen as likely contenders.