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Japan's next prime minister could be the youngest candidate in a crowded election for party leadership

Japan's ruling Liberal Democratic Party is set to elect a new leader in September and, by extension, the country's next prime minister.

With almost a dozen candidates set to enter the race, the field has been described by many analysts as competitive and unpredictable. The unusually wide and open contest is the result of attempts within the party to eliminate "factional politics," although faction-based ties still appear to remain strong. Factions are organized sub-groups within the LDP with their own leadership and policy goals.

One potential frontrunner is Shinjiro Koizumi, who is set to hold a press conference announcing his candidacy on Sept. 6.

The 43-year-old son of former premier Junichiro Koizumi is expected to be the youngest candidate in the contest. Along with 49-year-old Takayuki Kobayashi, who has already announced his candidacy, the two contenders are seen as the choices for generational change in the party election.

Koizumi, a former environment minister, is known for his advocacy of renewable energy. He has made headlines for surfing near Fukushima to help quell water safety concerns after the discharge of treated wastewater as well as being the first sitting cabinet minister to take paternity leave in Japan.

Rintaro Nishimura, a Japan-based analyst for The Asia Group said, while the public awaits formal announcements from would-be candidates, Koizumi is the closest to a frontrunner so far.

"His father's legacy, as a popular reformist populist LDP president/prime minister and the fact that he is seen, particularly in the current climate, as scandal-free and fresh-faced versus other candidates makes him an attractive candidate," he said.

Nishimura said Koizumi stands a good chance of gaining votes from both LDP

Read more on cnbc.com