In April 1998, Prime Minister Hashimoto has faced major challenges, as with his program of six systemic reform and its fiscal policy. Japan has been in recession for a good six years, unable to keep the miracle growth achieved in the previous decade. Hashimoto proposed to reform the social security system, fiscal policy, management, regulation, education, and particularly the financial system. But institutional rigidities - the bureaucracy, the labor policy, corporate governance, and the aging of the population, among others - made it extremely difficult to change the "Hide
. by Richard HK Vietor, Stephen Lynagh Source: Harvard Business School 27 pages. Publication Date: 01 May 1998. Prod. #: 798083-PDF-ENG
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