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Could Japan Become Argentina? Its Ills Are Chronic, Not Critical But its banks are dying and debts are too high; a crisis would ripple out.(A)(ECONOMY IN PERSPECTIVE)
Byline: DONALD H. GOLD
Japan's knight in shining armor, Prime Minister Junichiro Koizumi, has fallen off his horse. He ran on the slogan, "Change the LDP (Liberal Democratic Party), change Japan." So far he's accomplished all but two of those aims.
With the reformer on the ropes, reforms seem as remote as ever. Is Japan, the world's No. 2 economy, doomed to melt down?
Probably not, says Donald Straszheim, head of Straszheim Global Advisors in Los Angeles.
"This is not a crisis, it's a chronic condition," he said. "Japan's economy has been struggling for at least a decade. They're in their third recession in 10 years. And there's still no momentum for reform."
Japan's growth has averaged less than 1% a year in the last 10 years. "It's just kept up with the population," Straszheim said.
Mr. Bubble
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