TOKYO -- Fumio Kishida, president of Japan's ruling Liberal Democratic Party and soon to become prime minister, has decided to dissolve the lower house later this month to hold general elections on Oct. 31, Nikkei has learned.

Kishida, scheduled to be elected prime minister in a special parliamentary session later on Monday, is moving fast. Widespread opinion within the ruling parties had been that the general elections should be held on Nov. 7 or Nov. 14.

After the inauguration of a new cabinet, there tends to be a "celebratory market" in which support for the cabinet rises. The LDP's approval rating has already risen sharply since the party's presidential election last month. And last week Japan lifted a monthslong state of emergency after successfully bringing down daily new COVID-19 cases.

Kishida apparently wants to use the momentum in election campaigning.

This is a developing news story and will be updated.