The embattled Your Party is set to name a new leader as early as Friday to replace Yoshimi Watanabe, who Monday expressed his intention to resign as party chief amid a money scandal.

The party¡¯s policy research chief, Kenichi Mizuno, said Tuesday that an election is likely to be held during Friday¡¯s meeting of party members. Watanabe¡¯s resignation was approved at an executives¡¯ meeting Tuesday.

Regardless of who becomes the new leader, the minor opposition party¡¯s influence in politics is expected to be significantly diminished as it has been touting a scandal-free image.