The Liberal Democratic Party's top decision-making body approved Prime Minister Ryutaro Hashimoto's resignation Tuesday and decided it will convene a meeting of all LDP Diet members next Tuesday to choose his successor as party president.

The new LDP president will probably be elected the next prime minister because the party still holds a majority in the more powerful Lower House despite its stunning setback in Sunday's Upper House elections.

During a nearly one-hour meeting of the LDP's Executive Council at party headquarters Tuesday morning, Hashimoto offered a deep apology to the council, saying, "I have keenly realized my responsibility for the party's huge loss in the Upper House election." Following Hashimoto's announcement Monday that he will resign to take the blame for the devastating loss in Sunday's poll, the LDP began a full-scale effort to find a successor to be party president, and thus prime minister.