Despite widespread anxieties about potential Y2K disasters, the world greeted the new millennium without trouble. Volatility in the New York and Tokyo stock markets since the beginning of the year should not cause undue concern about the economic future at home and abroad.
The Japanese political situation remains calm for now, but is likely to see some turbulence this year, when the Lower House must be dissolved for a snap election.
First, the ruling Liberal Democratic Party is in utter confusion over the nomination of a candidate for the upcoming Osaka gubernatorial election. Top LDP executives have decided to back a former trade ministry official for the election, while the party's Osaka chapter supports a different candidate. The former bureaucrat is also backed by the LDP's coalition partners — New Komeito and the Liberal Party — and the opposition Democratic Party of Japan.