TOKYO -- Fumio Kishida, the newly elected leader of Japan's ruling Liberal Democratic Party, is set to replace long-standing Finance Minister Taro Aso.

Former environment and Olympic minister Shunichi Suzuki will replace his brother-in-law Aso, who has served as both deputy prime minister and finance chief since former Prime Minister Shinzo Abe came to power in 2012.

Kishida will form a new cabinet on Monday after being formally elected as prime minister in an extraordinary Diet session the same day. The new government will only be in place for a few weeks as a general election has to be held by November.

Suzuki, 68, who belongs to the same faction as Aso, will play a key role in compiling the budget and formulating economic measures. Aso, meanwhile, is set to take the post of LDP vice president.

Suzuki, who has served as chairperson of the party's general council, is the eldest son of former Prime Minister Zenko Suzuki.

In March 2020, Suzuki said he was against a consumption tax cut proposed by opposition parties, arguing that such a move would reduce the amount of money going to regional areas.

Hirokazu Matsuno, a former education minister, is set to serve as chief cabinet secretary -- a role that includes meeting the press twice daily as the government's top spokesperson.