Japan's Diet announced Wednesday that Taro Aso, chief of Japan's ruling Liberal Democratic Party, was elected as the nation's 92nd prime minister.

At a time when Japan's economic outlook is clouded by the global financial market upheavals, Aso has indicated that he will put priority to spurring the economy within three years through a proactive fiscal policy.

"It is obviously necessary for us to take emergency measures to respond to the present recession. In particular we must help small and medium-sized businesses who are troubled at the end of the year with funding because of high oil prices and the fallout from the sub-prime loan problem. There are many kinds of problems and it is clear that we have fallen into recession this year."

The newly elected prime minister also stated his position on Japan's role in fighting global terrorism.

"We're not doing it for Afghanistan, America or Pakistan. It is our natural responsibility to take part in the world's struggle against terror. I understand that this is the main thing that people expect from Japan."