TOKYO - Tokyo Governor Shintaro Ishihara announced to resign and establish a new party at an emergency press conference Thursday afternoon.

"Today, I decided to quit my post as the Tokyo Governor," said Ishihara at the beginning of the press conference and showed his resignation to the press.

Ishihara, the 80-year-old governor, said he will submit his resignation to the speaker of Tokyo's metropolitan parliament right after the press conference, and it will take a week for the parliament to approve his request.

Ishihara expressed his dissatisfaction with current central government and announced to launch a new party with some conservative forces, "I want to return to the Diet once again by setting up a new political party together with my allies."

Local media reported that Ishihara plans to form a new party with five upper and lower house lawmakers of an existing conservative party, the Sunrise Party of Japan, including its leader Takeo Hiranuma.

Ishihara, entered into politics in 1968 at the age of 35 when he was slated for a member of the House of Councillors, was reelected to a fourth term as Tokyo Governor last year.