Hatoyama elected as Japan's Prime Minister

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The Japanese Diet has formally elected the leader of the Democratic Party of Japan as the country's next prime minister.

The selection of Hatoyama ends more than 50 years of nearly unbroken rule by the Liberal Democratic Party. Hatoyama's party won a landslide victory last month, after winning three hundred and eight of the four hundred and eighty seats in the lower house.

During Wednesday's nominating process, Hatoyama won 327 of the 480 votes in the Lower House. Hatoyama has promised to cut wasteful government spending and restart the economy.

He says he will put a freeze on planned tax hikes, remove tolls on highways and focus policies on consumers rather than big business. Ahead of the parliament session, outgoing Prime Minister Taro Aso and his Cabinet resigned. Aso expressed hopes that Hatoyama's cabinet will continue to take measures to stabilize the economic recovery and continue Japan's role in the fight against terrorism and piracy.

Japan's new ruling Democratic Party of Japan (DPJ) leader Yukio Hatoyama (C) stands as he is applauded by colleagues after being  elected as Japan's new prime minister at the Lower House of Parliament  in Tokyo September 16, 2009.[Agencies]