Former finance minister Yoshihiko Noda was elected as Japan`s new prime minister Tuesday following the majority of votes in elections held at the House of Representatives, which is more powerful in the Diet or parliament, according to Xinhua.

Noda, 54, becomes Japan`s sixth prime minister since 2006.

Born into a poor family in Funabashi, Chiba Prefecture, Noda started his political career as a local assembly member in 1993, running as a member of the now obsolete Japan New Party.

He became a lawmaker in 2000 on the ticket of Democratic Party of Japan (DPJ).

Noda has earned a reputation as a fiscal conservative since he was appointed as the country`s finance minister in 2010 by Naoto Kan.

He has vowed to cut public debt through fiscal reforms, including a proposed increase in the 5 percent sales tax to help fund the ballooning social welfare costs.

Noda also said Japan needs to raise taxes temporarily to help fund rebuilding from the devastating March 11 earthquake and tsunami.

Noda has openly said he cannot envision a Japan entirely free of nuclear energy though he agrees building new plants is probably not possible.

Noda also said before the election on Tuesday that he would seek win-win relations with Asian nations.

Former Japanese Prime Minister Naoto Kan`s Cabinet resigned Tuesday morning after Yoshihiko Noda was picked as the new leader of the ruling DPJ on Monday.