Even the overindebted State is less generous

What is this country This country where a foreign investor is about to realize a capital gain of $ 1 billion on the back of local taxpayers, where the most respected pattern is a migrant, where big boss of a giant of the restoration has just be vagrant to the head of a computer group, a country where companies merging, transfer of assetsintroduced on the stock market to strengthen their competitiveness and where the Board of Directors of a corporation not achieved its objectives resigned en masse. A country where the Government size in pensions, falls under the social security contributions, sign a free trade agreement contrary to the interests of a large part of its rural electoral base to a few months in the Senate and is to send troops in areas of conflict while knowing that the majority of public opinion is against. Finally, a country which has the funny idea to initiate its fiscal year on April 1. This country is neither Britain nor the United States, nor any one of the standard-bearers of liberalism triumphant.

It is the Japan, temple of conservatism, paradise of standstill. Mocked at the four corners of the Earth for his inability to reform itself, the second economic power of the planet is doing its soft revolution accumulating modest developments which, placed end to end, are shaping a new Japan. It was believed that through accumulate small not, the country of the rising sun would take the feet in the carpet. There is nothing. On the contrary. The Japan might even succeed a tower of strength: send to stay himself while moving towards a model Western and competitive, able thus to better cope with the new rules of the game born of globalization.

Of course, the archipelago remains the archipelago. Do not ask the Japanese put mayonnaise on their sushi or fire arm turn. Here, reduction of employment is still synonymous with retirements not replaced and, if the OPA exist, they are much more the exception than the rule. If is allowed to the "winners" to develop, it does not extend to push towards the tomb the dying groups. It would even tend to keep under artificial respiration. Deflation is decreasing, but has not disappeared, banks are better, but are not fully restored, top management of some major groups is not immune to certain criticisms, competition is only superficial in many domestic industries, the State continues to replace still often in the private sector... Everything is far from perfect. But, quietly, the Japan has to start the year 2004 on hats wheel. Not only economic growth is back making the Japan one of the countries of the OECD at the rate of growth, which had not happened since the 1980s and daily changes are obvious. Macroeconomics, subject to cycles, eventually inevitably turn, however at least temporarily the Japan in the crisis, and doubt. But at the microeconomic level, the Japan broke many taboos and will not be able to go back. When Yamanouchi and Fujisawa merged by mutual consent to win the title of number one pharmacy to the Japan, are all certainties for a long time frozen industry who are shaken. When foreign investors who bought the State Bank in bankruptcy in 1998 make fortune in February 2004, the day their bank Shinsei returns in the stock market, it is the whole of the public who wonders if all Japanese banks should not suffer the same treatment of shock. And when a McDonald's Japan crisis committed pattern of Apple Japan to replace its mythical founder and President, it takes to dream and to say that the day where 100 Japanese companies will go seek crisis a pattern outside their rank is can be more so far. As the free trade agreement to be concluded with the Mexico should not believe that the Japanese reformers won all their battles, it is obviously too early to say that the Japan has broken all the strings that slow down the reform, but one cannot on the other hand all deny that the movement is more that started.

The reasons for this metamorphosis progressive and sustained more than desired and fast are numerous. The main culprit is, of course, the economic crisis. After a decade 1990 lost will be making the Japan (with Switzerland) the developed country who posted the lowest rate of growth, the capacity of resistance to change eventually was blunt. Ultimate walls, banks have more and more difficult to support non-performing groups that they are less and less and shareholders. In many areas, the employees, who had to accept cuts in their wages and bonuses which may exceed one third of their income, know that the slow death is not necessarily a solution. Even the over-indebted State is less generous. At the same time, a Carlos Ghosn saving Nissan, a South Korea recovering quickly after the Asian crisis of 1998 and a China showing a surprising dynamism demonstrated the Japanese that the efforts and sacrifices could pay. Despite its limitations and the weakness of its balance sheet in the short term, Junichiro Koizumi, to become Prime Minister soon three years ago, will also played a not insignificant role in the cultural revolution. The head of Government who will undoubtedly beat all records of longevity of the post-war certainly more spoke only acted. But by not intervening on the economic front, he has at least had the merit of commit far less errors than its predecessors.