Flash on Japan

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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 ...