Following the announcement of outgoing Prime Minster Yukio Hatoyama's resignation on Wednesday, the ruling Democratic Party of Japan (DPJ) is planning to ask parliament to name a new prime minister Friday, meaning Hatoyama's successor can name his cabinet on the same day, DPJ lawmakers said Thursday.

The DPJ decided after Hatoyama's resignation to begin the process of accepting candidacies for the party leadership election from 9 a.m. Friday, and hold a general meeting of DPJ Diet members from 11 a.m. to choose a new leader, who will succeed Hatoyama as prime minister.

Naoto Kan, Japan's Finance Minister who also doubles up as deputy prime minister was the first candidate to state he would be standing on Friday and Land, Infrastructure, Transport and Tourism Minister Seiji Maehara said late Wednesday he is as yet undecided whether or not to run in Friday's election saying he will seek counsel from his colleagues.

DPJ lower house member Shinji Tarutoko expressed his willingness to challenge Kan, who many pundits believe is the frontrunner in the election race, in a surprise response to reporters Thursday confirming his intention to stand.

Tarutoko, 50, a DPJ lawmaker, heads the lower house environment committee and is known as one of seven members of a group led by party elder Kozo Watanabe that has distanced itself from party heavyweight Ichiro Ozawa.

However, Tarutoko is reportedly close to pro-Ozawa lawmakers.

Once the new leader is elected prime minister in the Diet, that person will pick other members to form the new Cabinet.

Meanwhile, all party executives, are expected to step down from their posts.

Under normal circumstances a DPJ president is normally elected with votes from party lawmakers, party members and supporters, however party rules state that in the event of a vacancy in the president's post, in the middle of a leader's tenure, a new president can be chosen at a general meeting at which party lawmakers will cast their votes, as is the case currently.

This system is opted for when the Diet is in session because the formal leadership election process takes several weeks to complete, meaning in this situation if the current ordinary session of parliament were extended beyond its scheduled June 16 end, an extension would rule out holding the upper house election on July 11, which according to DPJ lawmakers, is not in the party's best interests.