But compared with Japan, South Korea is a model of reform. Eleven years into its slump, Japan is changing at a glacial pace, if it's changing at all. A year into office, Prime Minister Junichiro Koizumi, Japan's self-styled reformer, has failed to improve things in Asia's biggest economy.
Instead of imposing genuine competition on corporate Japan, policy makers again have turned to a weaker yen. It's here where Korea Inc.'s success can teach Japan a thing or two. Reform is never easy, but when it's implemented, good things can come of it.
RSS