Missing the point
All this is unfolding around us and somehow, a few dirty politicians are a bigger problem than the giant, 11-year deceit carried out by economic policy makers. It's not hard, then, to understand why even a reform-minded prime minister like Junichiro Koizumi has failed to change the status quo.
Next week marks Koizumi's first anniversary in office and he's got little, if anything, to show for the last 12 months.
Political scandals plaguing his Liberal Democratic Party have added to his woes, slashing his approval ratings and undermining his authority.
Koizumi "came in with an agenda that would have helped to preserve Japan's standing at `AA+,'" says John Chambers, an S&P analyst. "Unfortunately, he's not been able to carry forward with his policies." What's in store now? The Japanese, truth be told, haven't always been particularly good at reinventing themselves -- the way Chinese head to the coast or Americans go west when things get shaky. Japan seemed to do just that after World War II, a conflict that left it in ruins. But once Japan caught up with the West in terms of wealth, Tokyo lost direction.
Eleven years into Japan's funk, there's little afoot to change things. Koizumi's demise may satisfy those who benefit from the status quo, but not the vast majority of Japan's 126 million citizens. Car salesmen in Osaka understand that, but why can't those with power to change things?
RSS