Katsuya Okada, deputy leader of the Democratic Party of Japan, announced Thursday he will seek election to the top post and pledged to rebuild the party after it lost the public's trust during its three-year debut in power through 2012.

"I want to drastically rebuild the party and to transform it into the one that can face the Liberal Democratic Party, and take a firm grip on Japanese politics," Okada said during a news conference in Tokyo. "This could be the last chance for the DPJ to regain power."

The largest opposition force will hold its presidential election on Jan. 18.