LEAD: Veteran politician Kubo to quit politics+.
(EDS: UPDATING WITH KUBO'S ANNOUNCEMENT IN LEAD-2ND PARAS)
Veteran politician Wataru Kubo of the main opposition Democratic Party of Japan (DPJ) announced Thursday he will not run in next summer's House of Councillors election, to make way for new blood.
Kubo, 71, made the announcement at a press conference in Kagoshima, southwestern Japan. He was elected from the Kagoshima prefectural constituency and is currently serving his fourth term.
Kubo, who once served as secretary general and deputy leader of the Social Democratic Party (SDP), assumed the post of vice premier-cum-finance minister when the first cabinet of Prime Minister Ryutaro Hashimoto was formed in January 1996 under the coalition government of the Liberal Democratic Party, SDP and New Party Sakigake.
He left the SDP in January 1997 to join the DPJ. Kubo was first elected to the upper house in 1974.