Japan's former Economic Security Minister Kobayashi Takayuki says he will run in the main ruling Liberal Democratic Party's leadership election to be held next month.

Kobayashi made the announcement at a news conference in Tokyo on Monday.

The LDP plans to hold an election to decide who will succeed its outgoing president, Prime Minister Kishida Fumio. Kishida said on Wednesday that he will not run in the presidential vote.

Kobayashi described himself as a four-term lawmaker in his 40's who grew up in an ordinary salaried worker's family. He said the fact that he announced his bid without being bound to factions will symbolize the LDP's seriousness about changing itself.

Kobayashi pledged to all LDP members and the people of Japan that the party will be reborn. He also promised to create a society where people can "feel dreams and hope" as well as a Japan that will lead the world.

Kobayashi stressed he will take on the challenge to start a new era.