Prime Minister Yoshihiko Noda plans to name senior lawmaker Koriki Jojima as the country's new finance minister in a cabinet shake-up due later on Monday, Japanese media reported.

Jojima, who has served as parliamentary affairs chief in the ruling Democratic Party of Japan (DPJ), would replace Jun Azumi and take charge of the world's third largest economy as it teeters on the brink of recession in the face of a global slowdown and strong yen.

The cabinet reshuffle, a last-ditch effort to boost the DPJ's chances in an upcoming general election, would be the third since Noda took office in September 2011, becoming the DPJ's third prime minister in as many years.

Opinion polls show the main opposition Liberal Democratic Party (LDP), ousted in 2009 after more than 50 years of almost non-stop rule, will likely come first in the election expected within months, meaning Jojima's time in office could be short.

Jojima would likely stick to a fiscal reform drive pursued by fiscal hawk Noda, as he has worked closely with the premier in designing Noda's signature plan to double the sales tax to 10 percent by October 2015.

But little is known about Jojima's view on monetary and currency policies.