Flash on Japan
Changes appear to be forthcoming in Japan:
According to the NY Times:
TOKYO, April 30 — The goals set out by Junichiro Koizumi, Japan's heretical new prime minister — rewrite the Constitution, realign the political system, overhaul Japan Inc. — suggest nothing short of revolutionary transformation in a country where putting advertising on municipal buses has incited bitter complaints.
The Japanese people say they are impatient for change. Their economy is in the midst of a decade-long stall. Their social contract is fraying under the assault of global standards. Pride is dented.
We continue to favour solid Japanese banks even though they have risen by 20% since our last recommendation. Nevertheless the new young prime minister tasks will not be easy. His political party remains humongous ...