TOKYO - Five Democratic Party of Japan (DPJ) lawmakers filed their candidacy papers for the ruling party's presidential election on Saturday, just one day after Prime Minister Naoto Kan officially announced he will step down as the ruling party's leader.  

BANRI KAIEDA

Japan's Trade Minister Banri Kaieda attends a news conference in Tokyo in this August 4, 2011 file photograph. [Photo/Agencies]

Banri Kaieda, 62, Minister of Economy, Trade and Industry, is a 5th term politician who has emerged as one of the campaign's front- runners having received the backing of the party's powerbroker Ichiro Ozawa.

Kaieda said in July that he would resign from his ministerial post to take responsibility for causing confusion among local governments over the issue of restarting reactors amid the nuclear crisis triggered by the March 11 earthquake and tsunami, but since then has regrouped himself saying Japan needs nuclear energy at this point, but must consider renewable energy in the future.

He believes raising consumption tax is not necessarily the only way for Japan to deal with its mounting public debt and rising social welfare costs.

Kaieda is a proponent of forging free-trade agreements (FTAs) with other countries, to boost Japan's economy.

SEIJI MAEHARA

Japan's former foreign minister Seiji Maehara (L) and his supporters, of the ruling Democratic Party of Japan (DPJ), raise their fists at a meeting in Tokyo August 26, 2011. [Photo/Agencies]

Seiji Maehara, former Foreign Minister, 49, is a 6th term politician who is the public's most favorite candidate according to recent polls.    

Maehara is in favor of raising the nation's consumption tax, although he believes this should not be an immediate policy issue.

He has commented that a grand coalition could be in the best interests of the country as it rebuilds itself following the March twin-disasters, but that the coalition should be dissolved within two years.

Maehara believes that nuclear energy should be phased out over the next 40 years, but used until a sustainable reliable alternative can be found.

He is known as a security hawk.

(L-R) Former finance minister Seiji Maehara, former transport minister Sumio Mabuchi, Trade Minister Banri Kaieda, Finance Minister Yoshihiko Noda and Agriculture Minister Michihiko Kano join hands at the start of a political debate for the ruling Democratic Party's presidential race at Japan National Press Club in Tokyo August 27, 2011. [Photo/Agencies]

SUMIO MABUCHI

Sumio Mabuchi, 51, former Transport Minister, is a 3rd term lawmaker who believes it's too early to be discussing a tax hike and is critical of Noda's stance.

He has expressed caution over forming a grand coalition, but regarding new energy policies he believes the government needs to implement new safety standards and the country be less-dependent on nuclear technology.

Mabuchi has said he'll work closely with the finance ministry and the central bank to stem the yen's recent rise to historic highs versus the U.S. dollar over the next three years. If elected, he plans to roll out new fiscal easing and monetary policy to safeguard the economy.

Mabuchi has failed to garner support from party lawmakers due to a perceived lack of experience, as he has served as a lower house member for only eight years.

YOSHIHIKO NODA

Yoshihiko Noda, 54, Finance Minister, is also in his 5th term as a minister and known as a fiscal hawk, who has vowed to cut public debt through fiscal reforms, including a proposed increase in the 5 percent sales tax.

Noda has said that he cannot envision a Japan entirely free of nuclear energy and has distanced himself somewhat from Kan's wholesale nuclear reduction rhetoric. But while his fiscal prowess is adequate, in terms of his utilizing of the Group of Seven nations in a joint currency intervention following the yen's surge after the March disasters and again this month, unilaterally, to stem the yen's rise, his foreign policy initiatives may be thwarted following controversial comments made about Japanese wartime leaders.

He has been quoted as saying he is in favor of the DPJ forming a grand coalition with opposition parties and believes that Japan should develop energy, environmental, medical and health-care related technologies to enter markets in emerging Asia.

MICHIHIKO KANO

Michihiko Kano, 69, Minister of Agriculture, Forestry and Fisheries is in his 11th term and the veteran politician has avoided inter-party squabbling due to not having any affiliations to a specific group within the party.

Kano first served as agriculture, forestry and fisheries minister more than 20 years ago as a Liberal Democratic Party member, but later left the now main opposition party in the cause of political reform.

He believes raising consumption tax should be decided after careful review and the moderate politician has been noncommittal regarding his stance on this, as he has been regarding the notion of forming a grand coalition.

Kano believes that renewable energy and power-saving initiatives should become a part of Japan's energy policy.

Critics of Kano have said that as a veteran politician he is out of touch with young and middle-ranking politicians. He is also not in favor of FTAs.