Prime Minister Junichiro Koizumi is losing his precious political capital: public popularity. He may be likened to a stage actor who no longer strikes a strong chord in his audience. The actor still has many fans, but he is falling short of general expectations. Moreover, his lines lack punch and he is often out of step with the supporting players.

That is one way to describe Mr. Koizumi's performance for the past year. His "structural reform" initiative, which started with a bang in April 2001, has produced few results. Perhaps it is too early to take this as evidence of failure, for the prime minister has embarked on a long-term enterprise that calls for a drastic overhaul of traditional systems and practices. Still, the perception that it is failing is spreading.

In principle, Mr. Koizumi has consistently pursued his reform agenda. In practice, however, he has abandoned one promise after another, including a pledge to cap debt issuance at 30 trillion yen. Bond sales for fiscal 2003 are now set at 36 trillion yen, accounting for 45 percent of the government budget. This shows how difficult it is to keep commitments in the face of harsh economic realities.