Koizumi’s Change-Up

The West should not dismiss Japanese reform, as recent cabinet reshuffle is indicative of a larger trend

After ten years of economic stagnation and policy sclerosis, many in the United States and Europe have begun to dismiss politics in Japan has having little meaning for global markets. Even with the Japanese economy beginning to stir, Prime Minister Junichiro Koizumi’s recent cabinet change-up struck some Western observers as too little, too late.

A closer look reveals just how far Koizumi’s Japan has come – and how much further it might go—in returning Japan to its role as a major player. Thanks to Koizumi, Japan is likely to exceed both the United States and Europe as an engine for global economic growth this year.

Read the complete article at YaleGlobal online.