Welcome to the 2007 edition of the Liberal Democratic Party’s presidential election!

Media coverage of the festivities is scheduled to commence at 2pm Japan time (16 hours ahead of PST, 13 ahead of EST, 9 ahead of GMT).

This election pits two LDP heavyweights, Taro Aso and Yasuo Fukuda, against each other. For those readers who haven’t been following the news, here’s a quick Who’s who?:

The underdog: Taro Aso. (grandson of former prime minister, Shigeru Yoshida)

Why he won’t win: He angered his colleagues by not divulging his insider-knowledge of an impending “surprise” resignation by former prime minister Shinzo Abe. Caught off guard, embarrassed LDP faction leaders rushed to support Aso’s competitor, Yasuo Fukuda.

The favorite: Yasuo Fukuda (son of former prime minister, Takeo Fukuda)

Why he will win: Very few LDP politicians like Taro Aso. Fukuda has already rounded up a strong majority of support from both LDP Diet members and the party’s prefectural chapters.

There won’t be any surprises this afternoon: Yasuo Fukuda will be the next president of the LDP. Consequently, that means that he will be Japan’s next prime minister.

Despite the lack of excitement, come back here for updates on the election as it unfolds.

Update 1:
[2:15 pm]
The prefectural votes are in. Fukuda won 54% to Aso’s 46%.

Diet members are now approaching the stage to vote. Aso’s smirks have turned to resignation as he leaves the stage after casting his vote.

Fukuda remains seated as the LDP politicians vote alphabetically. He has had his poker-face on since the beginning of media coverage about 15 minutes ago.

Update 2:
[2:25 pm]

Former prime minister, Junichiro Koizumi, just voted. It is presumed that his vote was for Fukuda because Koizumi earlier stated that he would support him. Fukuda, many will recall, had a falling out with Koizumi (under whom he served as Chief Cabinet Secretary), but is enjoying Koizumi’s support in this election due to the fact that he likes Aso even less.

Update 3:
[2:32 pm]

Mr. Fukuda has now voted. Former prime minister Yoshiro Mori has also made his way to the stage. Mr. Fukuda was just shown cracking a smile.

The politicians can be broken into three distinct groups: those that bow to the ballot box and the assmebly (both Aso and Fukuda are in this group), those that bow to the table of important people on the stage, and those that don’t bow at all.

Update 4:
[2:46 pm]

This is Aso’s third attempt at winning the presidency of the LDP. He lost to Koizumi back in 2001, and his most recent loss was last year when he was runner-up to Shinzo Abe (who reportedly voted by proxy from his bed at Keio Hospital).

Mr. Aso is still having a high old time back where he is sitting. Mr. Fukuda looks dignified as he quietly observes the procession of voters filing across the stage in front of him.

Update 5:
[2:54 pm]

Voting has now concluded. The ballot box was opened and the ballots have been spread out on a large blue table.

Seven ballot counters have been given 20 minutes to count all of the votes as LDP members watch from their seats in the audience.

Update 6:
[3:05 pm]

Ballot counting has finished. That was a pretty uneventful 20 minutes.

Update 7:
[3:10 pm]

Out of 528, Fukuda received 330 votes. Aso received 197 votes.

Yasuo Fukuda is the 22nd president of the LDP.

Update 8:
[3:32 pm]

After a slightly emotional acceptance speech by new LDP president, Yasuo Fukuda, runner-up Taro Aso joined him on stage for Fukuda’s first presidential banzai.

Fukuda will be named prime minister of Japan on Tuesday September 25th.