Shinjiro Koizumi seeks the presidency of Japan's Liberal Democratic Party, which might enable him to become the nation's youngest prime minister if he wins.

Shinjiro Koizumi, Japan's Agriculture minister and son of former Prime Minister Junichiro Koizumi, announced his candidacy for president of the ruling Liberal Democratic Party in Tokyo on Saturday. Photo by Keizo Mori/UPI UPI

Sept. 20 (UPI) -- Shinjiro Koizumi seeks the presidency of Japan's Liberal Democratic Party, which would enable him to become the nation's youngest prime minister if he wins.

Koizumi, 44, is Japan's minister of Agriculture, Forestry and Fisheries and is the second to declare his candidacy for the party's leadership role, according to The Chosun Daily.

"I am challenging the presidential election to rebuild the LDP into a party that realizes the safety and security demanded by the people," Koizumi said during a press conference on Saturday.

"My role is to break through the conventional wisdom of economic management from the deflation era and build a new approach suited for the era of inflation," he added, as reported by The Japan Times.

Koizumi wants to raise the average annual wage for Japanese workers by a million yen by the 2030 fiscal year and ensure pay increases stay ahead of inflation.

To do that, he wants to enact a supplementary budget for the 2025 fiscal year that would counteract inflation.

He also wants to eliminate the provisional gas tax as quickly as possible.

Koizumi sought the top post within the LDP a year ago but lost to current Japanese Prime Minister Shigeru Ishiba.

Ishiba on Sept. 7 announced his intention to resign as Japan's prime minister.

Former Economic Security Minister Takaichi Sanae previously announced her candidacy to become the LDP's president.