Koizumi to Reshuffle Cabinet

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Last updated at: (Beijing Time) Thursday, September 26, 2002

Koizumi to Reshuffle Cabinet

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Upon his return from the fourth Asia-Europe Meeting (Asem) summit in Copenhagen, Japanese Prime Minister Junichiro Koizumi Wednesday huddled with executives of his Liberal Democratic Party (LDP) to discuss the Cabinet changes, expected to take place at the end of this month.

Japanese Prime Minister Junichiro Koizumi says he will reshuffle his Cabinet and pack it with ''yes men'' - ministers who will say yes to his reform policies.

Speaking to reporters earlier this week, he served notice to LDP faction bosses who wanted to push their candidates on him, saying he would not decide his ministerial line-up that way.

''I will not accept their candidates. They should not waste their time. Instead, I will spell out the policies I want to pursue. I would like those who agree to cooperate with me to become ministers,'' he said.

His policy of ''no recovery without reforms'' would remain unchanged, he stressed.

Key Cabinet members such as Finance Minister Masajuro Shiokawa and Foreign Minister Yoriko Kawaguchi are expected to keep their jobs.

The focus of the reshuffle is on the fate of Financial Services Minister Hakuo Yanagisawa and Economic Policy Minister Heizo Takenaka.

Mr Yanagisawa is opposed to the Premier's intention to use an injection of public funds to speed up the writing off of banks' non-performing loans.

He has also been criticised by the LDP for insisting that Japanese banks are sound.

Last week, the Bank of Japan (BOJ) tried to allay fears about the financial sector by announcing a decision to buy shares directly from banks.

A report Wednesday said the BOJ could buy over one trillion yen (S$14 billion) worth of shares from banks starting next month.

Meanwhile, LDP stalwarts want Mr Takenaka replaced as they say the academic lacks the political clout and experience to steer reforms.

Mr Koizumi clearly needs more able economic lieutenants amid reports that falling exports due to a slowdown in US demand may put a brake on Japan's economic growth, making it more difficult for the Premier to deal with bad loans and tackle economic recovery.

Source: Agencies

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