Japan's Komeito, a junior coalition partner of the main governing Liberal Democratic Party, formally appointed land minister Saito Tetsuo as its new chief representative in an extraordinary party convention on Saturday.

The convention unanimously approved the appointment of Minister of Land, Infrastructure and Transportation Saito.

The move comes after Saito was named in a meeting of party executives on Thursday as the successor to outgoing chief Ishii Keiichi.

Ishii had announced his intention to resign to take responsibility for the party's setback in October's Lower House election, in which he lost his seat in the chamber.

Saito told reporters after the convention that the election results suggest Komeito may have lacked a sense of crisis over the issue of politics and money. He said the party failed to fully understand public anger.

Saito added that Komeito has proposed abolishing political activity allowances paid by parties to their member lawmakers, and establishing an independent panel to monitor political funds.

He said he will act promptly to have the political funds control law revised this year.