Mr. Koizumi remains willing to pursue structural reforms, so long as the economy permits. He's not going to abandon reforms. However, realistically it's also difficult to assume very quick progress.

At least for the next half a year the situation is likely to remain tough.

Might need some more time.

It's a very gloomy picture. We can reasonably expect a very weak economic picture for the first and second quarter.

Some market participants are beginning to be concerned about the risks of an earlier rate hike.

In general reducing the public debt will require drastic public sector reform. To implement drastic reforms, Koizumi needs to gain public support.

Yen buying seems to be stalling after an initial round of optimism about the Sept. 11 election receded.

In the near term the economic outlook is still quiet bleak.

He hasn't done any reforms yet, so they would like to see the results.