Japanese may fumble bank reform again
USA Today: Japanese may fumble bank reform again
NY Times: Showdown Over Japanese Banking Reform
The Japanese public is more skeptical of Mr. Takenaka, however. If Japan follows through with his plans, according to one study, the jobless rolls will swell by 2.4 million workers. The economy could fall into its fourth recession in a decade.
Indeed, the biggest obstacle to change may not be the politicians at all, but rather a contented and still-comfortable middle class. All along, Mr. Koizumi has played to this audience, showing just the right amount of verve. He threatens serious reform as a palliative to Japan’s long-term decline, without ever doing anything truly rash.