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STILL ROCKING: Mr Koizumi (left) laughs as he receives a pair of blue suede shoes from Morgan Stanley Asia chairman Stephen Roach after speaking at an investment summit in Singapore. The shoes are a nod to the former premier's musical taste. A big fan of Elvis Presley, Mr Koizumi, among many other ways, learnt English by listening to the American rock-and-roll legend's songs, including Blue Suede Shoes. -- ST PHOTO: LIM WUI LIANG
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FORMER Japanese premier Junichiro Koizumi, known as much for his maverick style as for his economic reforms, is visiting Singapore this week.
The man who overhauled Japan's banking and postal systems is preaching 'open economics' as the way forward for nations.
In his first major address since handing over the reins of power more than a year ago, Mr Koizumi advocated openness to trade and investment, along with deregulation and innovation.
'The nations that win will be those with open economics, open debate, open information, open competition, and open access to markets,' he said, sharing his experience as Japan's longest-serving prime minister in 30 years.
Mr Koizumi, who remains a member of Japan's Lower House, is in Singapore as keynote speaker at investment bank Morgan Stanley's Asia-Pacific summit.
Addressing a packed room of top executives, Mr Koizumi gave his views on global environment, energy and food issues - problems that, he said, 'can only be solved through science and technology'.
He also spoke on why Japan's political scene now leaves voters 'alienated'. 'I believe the turmoil and confusion that we're seeing now in the Japanese political scene will continue for some while,' he said.
Recounting the sweeping reforms that marked his premiership, Mr Koizumi described how Japan's problem of bad loans was solved by requiring banks and regulators to be more open.
Openness applied also to foreign direct investments (FDIs), external trade and market deregulation, he said.
To address Japan's low level of foreign investments, he said, 'I ordered a doubling of FDIs within five years. We did it and, just before I left office, I ordered another doubling'.
'The world has gained from Japan's investments abroad. It is time for Japan to gain from foreign investments at home,' he said.
During his five years and five months in office, Mr Koizumi defied critics, including those in his own party, by overhauling the public works, roads and postal sectors.
Back when he faced fierce criticism for his reforms, Morgan Stanley's Japan economist, Mr Robert Feldman, would give his strong support, said an appreciative Mr Koizumi, explaining why he agreed to speak at the summit a year after leaving office.
He said contrary to perceptions that he is 'cold-blooded', he has 'feelings of strong friendship', alluding to a label he earned when he expelled lawmakers in his ruling Liberal Democratic Party (LDP) who opposed his postal reforms.
Mr Koizumi handed the reins to Mr Shinzo Abe, who lasted barely a year in office. Mr Abe was succeeded in September by Mr Yasuo Fukuda.
Reacting to pundits who traced the LDP's defeat in July's Upper House polls to the so-called excessive reforms of the Koizumi era, he said: 'Nonsense. If Japan is suffering, it is suffering from too little reform, not too much.'
Many have pointed out that parts of the LDP and parts of the opposition Democratic Party propose similar policies, he said. 'Today, it is hard for voters to know what they are choosing.'
'At the moment, voting in Japan is like Forrest Gump's box of chocolates. You never know what you are going to get until you take a bite. No wonder voters are alienated.'
He urged fellow politicians back home to refrain from 'preaching the politics of fear' and return to the path of reform. 'In politics, preaching fear is for people who are not serious about change.' Japan can only achieve a brighter future with the politics of hope, the politics of reform, he argued.
'The party that gives the vision of fear will lose.'
ericatay@sph.com.sg
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