Former Japanese Defense Minister Shigeru Ishiba: Once he became Prime minister, he immediately promoted economic growth

Shigeru Ishiba, one of the front-runners to be Japan's next prime minister, says he will move quickly to develop a plan to pull the country out of deflation and boost growth once he takes office.

Bloomberg reports that the former defense minister is currently one of the two most popular potential prime ministers. The FDP will hold a presidential election on September 27th. The LDP president is almost certain to become prime minister because of his party's dominance in parliament.

Ishiba on Tuesday unveiled his policy priorities, which include raising the minimum wage and boosting Japan's energy self-sufficiency. Ishiba laid out a series of goals in the policy paper, including establishing an Asian version of NATO and creating Asia's largest entrepreneurship hub.

"I promise to get rid of deflation once and for all by achieving sustainable increases in real wages, so that people can spend with confidence and not worry about the future," Reuters quoted him as saying.

A ruling party source said Ishiba's comments were intended to counter speculation that he is more focused on fiscal discipline than economic growth.

Japan, saddled with the heaviest debt of any industrial country at more than twice the size of its economy, has pledged to achieve a primary budget surplus in the next fiscal year. With the LDP leadership contest likely to be followed by parliamentary elections, public calls for more spending are expected to grow louder.