(CNN) -- Japan's parliament elected Yoshihiko Noda as the country's new prime minister Tuesday, making him the country's sixth new leader in five years. Noda won 308 out of 476 possible votes. The prime minister-elect will officially take over his new post after a ceremonial endorsement by Japan's emperor, which is expected to happen Wednesday. Ahead of the vote, former Prime Minister Naoto Kan officially submitted his resignation, as did his Cabinet, clearing the way for Noda's election. The Democratic Party of Japan, the country's ruling party, picked Noda as its new leader on Monday. He served as finance minister in Kan's cabinet.
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NEW: Yoshihiko Noda comes to power after serving as finance minister
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NEW: Noda officials becomes prime minister after endorsement by the emperor
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In his first speech as party leader, Noda calls for unity
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Japan's political problems are weighing down its economy, an analyst says
"Running @placeholder's government is like pushing a giant snowball up a snowy, slippery hill," he said Sunday.