Tokyo, Japan (CNN) -- Japanese Prime Minister Yukio Hatoyama announced Wednesday he will resign after eight months in power.
"I'm going to step down," Hatoyama declared in a live broadcast on Japanese television NHK, while addressing party members of both the upper and lower houses of the Diet, Japan's parliament.
"I have had many shortcomings, I have been allowed to lead all of you for the past eight months to today. I am extremely grateful for having been given this opportunity," he said.
Japanese Finance Minister Naoto Kan said he would run for the party leader election which is expected to be held Friday.
