The award is presented to those who have made outstanding contributions to social and cultural development of Japan through newspaper business management or their journalistic work. Since award was first given out in 1951, 19 people have been recipients, but no one has been selected in the past 11 fiscal years, through 2006, the Daily Yomiuri reported.

The award ceremony will be held during the 60th National Newspaper Convention in Nagano Oct. 16.

According to an article in the Daily Yomiuri, the association decided to honour Watanabe, 81, because of his contribution to the growth of The Yomiuri Shimbun and his establishment of the company's editorial philosophy. He worked as head of the company from 1999 to 2003, and worked to preserve the newspaper resale price maintenance system as well as establishing a newspaper ethics code.

Nakae, 77, leading editorial staffer charged with managing The Asahi Shimbun, concentrated his work on protecting freedom of the press and improving newspaper ethics in Japan, the association stated, according to the Yomiuri article. He served as head of the association from 1991 to 1995, where he also worked to preserve the newspaper resale price maintenance system and improving newspaper sales activities, the association stated.