This tax reform can't make it without the support of the task force leadership ? and it doesn't have it.

Being seen as reform-minded, Koizumi is drawing support among market players. But we don't know much about his concrete economic policy. This will keep the market from staging a runaway rally.

Sutter is aiming to reform the industry in Northern California. It's a chesty idea.

I hope to reinforce the recognition of the need for reform, ... There's a lot of nominal support for administrative reform, but whether they will actually carry out an effective reform is still very much in the balance.

The reform plans lack necessary details, but support for Koizumi is still wildly high. We sense the market will firm on hopes for him once more -- least until Upper House elections in late July.

We continue to strongly support the view that China will implement the announced reform of its steel industry. This will be further supported by continued steel industry consolidation.