* Japan govt names Hayashi as economics policy chief
* Hayashi known for expertise in economic, fiscal policy
* Finance Minister Yosano to retain finance, banking roles (Adds confirmation, analyst quotes)
TOKYO, July 1 (Reuters) - Japan named former defence minister Yoshimasa Hayashi as economics minister on Wednesday, relieving Kaoro Yosano of one of three key economic portfolios just ahead of a general election.
Analsysts said the switch so close to an election, which could come as soon as August, would have little effect either economically or politically.
"It's too little, too late. It's very unlikely that this is going to save public approval for this administration," said Naomi Fink, a Japan Strategist at Bank of Tokyo-Mitsubishi UFJ.
"If he's the economics minister for the next couple of months, maybe he might assist in getting legislation on the bills that Aso is looking to get approval on before the general election but I don't see that as a huge achievement."
Educated at Harvard University, Hayashi, 48, briefly held the post of defence minister but is known more for his expertise on economic and fiscal policy.
Aso had reportedly wanted to refresh his lineup with some new cabinet appointments and a revamp of ruling party executives before an impending election the ruling bloc is in danger of losing, but party heavyweights opposed the personnel changes.
"You can't expect a huge change in policy when Japan stands at a juncture of potentially seeing a shift in the political landscape," said Hideo Kumano, chief economist at Dai-ichi Life Research Institute.
"Nevertheless, selecting Hayashi, who is considered to be well-informed on policies, gives a sense of security,"
Yosano had added the finance and financial services portfolios to his previous role as economics minister after Aso ally Shoichi Nakagawa quit in February after being forced to deny he was drunk at a G7 news conference.
He said at the time he was not keen to hold all three roles and he played down the loss of one of them on Wednesday: "No member of the cabinet can expect to keep their position indefinitely." (Reporting by Linda Sieg, Stanley White and Chikako Mogi; Writing by Rodney Joyce)