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Liberal Democratic Party lawmaker Sadakazu Tanigaki (C) bows to parliamentarians after he was chosen as the party president during the LDP parliamentarian meeting at the party headquarters in Tokyo September 28, 2009. [Agencies]

TOKYO: Japan's defeated Liberal Democratic Party (LDP) on Monday picked a former finance minister as its new leader, handing him the challenge of rebuilding a battered party that had ruled for most of the past 54 years.

But the fact that the new party chief, 64-year-old Sadakazu Tanigaki has been in parliament for 26 years and defeated two younger rivals could make it hard to convince voters the party is ready for change.

The Democratic Party of Japan thrashed the LDP in an election last month after several years of voter frustration over scandals and long-term uncertainties about the economy and social security, bringing in a new government that vows to spend more on consumers and reduce bureaucrats' clout over policy-making.