(CNN) -- Japan's prime minister conceded defeat in parliamentary elections Sunday, signaling the return to power of the Liberal Democratic Party and ending the brief rule of the disappointing upstart Democratic Party of Japan. Prime Minister Yoshihiko Noda pledged to step down as party president after exit polls showed a smashing loss in lower house voting. The party, once seen as a breath of fresh air in Japanese politics, came to be regarded as increasingly ineffective. "We got a regrettable result," Noda said. "The result is everything in the politics. The biggest responsibility lies on me. I will quit as the partly leader of DPJ." The move clears the way for the return to power of former Prime Minister Shinzo Abe, the current leader of the conservative-leaning Liberal Democratic Party, or LDP. "The Japanese people will be keenly looking whether the LDP can meet with their expectations," Abe said in interviews after the polling. The LDP ruled the country almost continuously since its establishment in 1955 until it was forced from power three years ago by the DPJ. Public broadcaster NHK said the LDP and its coalition partner, the new Komei party, gained at least 302 seats in the 480-seat lower house. CNN's main affiliate, TV Asahi, reports the LDP/Komei coalition gained at least 312 seats. The official count is expected to be released Monday. The LDP is inheriting a struggling economy, regional tensions and questions over Japan's role in Asia. "The economy is at the bottom. It's our first mission to turn it around," Abe said. 
What is the LDP inheriting according to Abe?
A struggling economy, regional tensions and questions over Japan's role in Asia