Japanese Prime Minister Yukio Hatoyama and his powerful ruling party No. 2 quit on Wednesday to try to boost the party's fortunes in an election next month, less than a year after sweeping to power with promises of change.

The political turmoil could delay efforts to thrash out plans set to be announced this month to cut the country's public debt, which stands at about 200 percent of GDP, and a strategy to engineer economic growth in an aging society.

But if, as many expect, fiscally conservative Finance Minister Naoto Kan takes the helm, that could raise the chances of bolder steps to rein in debt, including a pledge to consider raising the 5 percent sales tax.

Hatoyama's Democratic Party of Japan (DPJ) made history with a landslide election win last year, promising to change how Japan is governed after more than 50 years of cozy ties among bureaucrats, companies and lawmakers under the Liberal Democrats.

But after eight months of indecision and broken promises, the 63-year-old Hatoyama -- nicknamed "The Alien" for his quirky comments -- bowed to pressure from his party to quit ahead of an election for the upper house of parliament expected in July.

An election loss would not oust the DPJ-led government given its majority in the more powerful lower house, but the ruling bloc needs a majority to keep legislation from being stalled.

With tears in his eyes, Hatoyama told party lawmakers he and party secretary-general Ichiro Ozawa would resign.

Hatoyama said later that, without public support, the government could not meet its goals.

"So I decided that my resignation would serve this country's interests," Hatoyama, who becomes Japan's fourth leader to quit in less than three years, told reporters.

Hatoyama's ratings had nosedived because of voter doubts about his leadership. Ozawa's image as an old-style powerbroker pulling strings behind the scenes also eroded public support.

Latest Interviews

Raspy Rawls Interview Pt. 2

Raspy Rawls Interview Pt. 1

Latest VLogs

iLoveMakonnen "Loudest of the Loud Tour - On the Road Pt. 2"

Life With Ty Dolla $ign (Ep. 7)

Lil Durk's "Wherever I Go" Tour (Pt. 1)