Japan's Economics Minister Akira Amari reacts during a news conference in Tokyo, Japan, January 28, 2016. [Photo/Agencies]

TOKYO - Japan's embattled Economy and Fiscal Policy Minister Akira Amari on Thursday offered to step down from his post following allegations he received bribes from a construction company.

The move follows demands from his own ruling Liberal Democratic Party (LDP) including its president and the country's leader Prime Minister Shinzo Abe, as well as calls from the opposition bloc and the public for the cabinet member to fully account for himself over the allegations.

In a televised news conference, a tearful Amari, who brokered Japan's involvement in the recently agreed Trans-Pacific Partnership (TPP) in his concurrent role as Economic Revitalization Minister in charge of the Trans-Pacific Partnership, said he had caused the government a great deal of embarrassment and that improprieties related to him should not hamper the economic progress of the country.

The veteran lawmaker went on to express his intention to leave Abe's Cabinet.

"Japan is finally emerging from deflation. We need to pass legislation through parliament for steps to beat deflation and create a strong economy as soon as possible," Amari told the news conference.

"Anything that hampers this must be eliminated, and I'm no exception. I, therefore, would like to resign as minister to take responsibility for what my aide has done," he said.

He was referring to an article that appeared in the Shukan Bunshun weekly magazine recently that stated Amari and his aides received cash and were entertained over the past three years with the money involved totaling 12 million yen (about 101,000 US dollars).

The article quoted an official from a construction company in Chiba Prefecture about the allegations, with the official stating that Amari accepted cash and was treated to nights out in return for giving the firm preferential treatment and special "favors".

The construction company, for example, had asked for Amari's help in dealing with compensation issues pertaining to a road project involving the government-backed Urban Renaissance Agency.

The allegations, in part, are that Amari last November received an envelop containing 500,000 yen in cash, in return for favors and, following a probe, there were no details of the payments in Amari's political funding record, in breach of political funds laws in Japan.