Prime Minister Junichiro Koizumi said Wednesday he will establish two expert panels to discuss issues relating to the economy and foreign policy.

The economic panel will be chaired by former Economic Planning Agency chief Shusei Tanaka, while the foreign policy panel will be headed by Yukio Okamoto, who previously served as special adviser on Okinawan affairs under former Prime Minister Ryutaro Hashimoto.

The two panels will have five to 10 members each, government officials said.

"The meetings will not be formal," Koizumi told reporters at his official residence. "I think we can come up with good ideas if I have a chance to hold discussions with experts and scholars.

"If possible, I would like to hold meetings regularly for free discussions, without making them something formal."

Tanaka, a former House of Representatives member of the now-defunct New Party Sakigake, strongly advocates structural reforms and has expressed support for Koizumi's reform agenda.

Okamoto, a former diplomat, is an expert on Japan-U.S. relations.