There was something refreshing about the Japan-U.S. summit last weekend between Prime Minister Junichiro Koizumi and U.S. President George W. Bush -- not only because of the way in which the U.S. managed the meeting at the Camp David presidential retreat in Maryland, but also because, more importantly, the two governments seemed to be aiming to elevate the bilateral relationship to a new dimension.
The two leaders hit it off even though it was the first time they had met face to face. Mr. Koizumi has achieved his primary purpose: establishing a personal relationship of trust with Mr. Bush. The prime minister gave assurances that his administration will press ahead with economic reforms, such as clearing banks' debt overhang and restoring fiscal health. Mr. Bush welcomed Mr. Koizumi's program of economic revival and expressed his full support for it.
The United States has long been calling on Japan to fix its structural economic problems, which have come to a head since the bubble collapsed in 1990. During the protracted slump that followed, however, hard-hitting reforms were put on hold. Now the Koizumi administration is committed to "structural reform with no sacred cows." Mr. Koizumi reassured Mr. Bush of that commitment, easing U.S. concerns over the Japanese economy.