Many foreign corporate executives are on government panels

Involvement of executives of foreign corporations operating in Japan in the decision-making process of the Koizumi Cabinet is increasing, thus helping the Japanese government push ahead with a "structural reform" policy at the cost of the people's living conditions.

Daimon Mikishi, Japanese Communist Party member of the House of Councilors, revealed this fact based on a survey on how many foreign corporate representatives in Japan are taking part in government advisory councils.

Akahata on January 8 reported on his findings.

U.S. investment banks stands out

For example, the Merrill Lynch Japan Inc. chair and its chief economist are on a panel of the Finance Ministry-related committee on tariff and foreign exchange which was established in October 2002 to discuss the state of international finance.

It is extraordinary that two members from one corporation are on a council. The research section chief of JP Morgan Trust Bank Ltd. is a member of another panel.

In the council to discuss ways to ease regulations, a managing director of Goldman Sachs (Japan) Ltd. is taking part as a member with voting rights. The council published its report in December 2001, stressing the need to push ahead with urban redevelopment, a quick response to a similar key policy of the Koizumi Cabinet, which was inaugurated in April 2001.

A senior analyst of UBS Securities Ltd. is a member of a subcommittee of the industrial revitalization council under the Minister of Economy, Trade and Industry. The analyst went so far as to state that the thickness of the Japan Company Handbook will be reduced by half, indicating the need for more corporations to be shut down.

Unison Capital, Inc.'s executive director partner is also a member of the subcommittee, and advocates that Japan's life-long employment system is the source of the present economic recession with a need for an increase in job mobility.

An analyst on foreign investment points out that foreign capital has been deeply and regularly involved in Japan's government decision-making, including that by Liberal Democratic Party politicians and bureaucrats.

The report indicates that Japan's economic sovereignty is now being infringed upon from within, Akahata warned. (end)