A year after promising leaders of the world's richest nations he wouldn't "procrastinate" in fixing Japan's economy, Prime Minister Junichiro Koizumi attends this year's meeting facing criticism for failing to live up to his promise.
"No one is really happy with Japan," said Tomoko Fujii, senior economist at Nikko Salomon Smith Barney Ltd. "They are obviously frustrated with Japan's progress on reform and Koizumi's government." Koizumi made a splash at his Group of Eight debut in Genoa last year, promising to force banks to write off trillions of yen of non-performing loans, trim government spending and privatize the postal system, which controls the largest pool of savings in Japan.
A year later, he has been forced to retreat from his plans to cut spending, members of his own party are blocking the sale of the post office and state-run highways, and bad loans are rising faster than banks can write them off.
PHOTO: AP
His failure to bring about change has stoked concern the world's second-biggest economy will remain a drag on global growth for years to come.
"The Japanese economy is definitely a concern for the global economy," Glenn Hubbard, the chairman of the White House Council of Economic Advisors said last week. "Japan is growing at less than its potential growth rate." Still, Koizumi is adamant he can achieve the changes, telling Canadian Prime Minister Jean Chretien and US President George W. Bush in separate meetings yesterday -- ahead of the summit -- that he would push ahead with more economic reforms, according to a Japanese government official who briefed reporters on condition he not be named.
Bush stressed it was important that Koizumi improve Japan's economy, the government official said.
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