Keizo Obuchi named his "economic reconstruction" Cabinet on Thursday evening after being elected Japan's 54th prime minister, tapping former leader Kiichi Miyazawa for the key post of finance minister.

Obuchi, 61, now has the job of guiding the nation out of its worst economic slump in decades, with a ruling party that lacks a majority in the Upper House.

After winning election following a split decision by the two chambers of the Diet, Obuchi unveiled the official lineup of his first Cabinet, popularly dubbed by the press and Obuchi as his economic reconstruction Cabinet. The group was to be inaugurated after an attestation ceremony at the Imperial Palace later in the evening.