FIVE days after everyone thought it was all over for the time being, with the passage of political reform, the threat of turmoil has returned to the Japanese political scene.
This is largely because Prime Minister Morihiro Hosokawa has aligned himself with the economic orthodoxy of the Ministry of Finance, and because the Japanese socialists have been presented with the one issue that can unite them, at least temporarily.
The Liberal Democratic Party may not want to help Mr Hosokawa over his economic stimulus package. Other coalition partners are unhappy on this issue. The political differences over the package may prevent its speedy passage before Mr Hosokawa goes to Washington for his summit with President Bill Clinton on February 11.
The package itself is a disappointment.
Once again, a Japanese government has opted primarily for greater public works spending as a means for refloating the economy.
The means chosen to increase consumer demand are unlikely to achieve that objective. Faced with an income tax cut now, and the prospect of an even larger increase in the consumption tax beginning in 1997, Japanese are likely to opt for increased savings rather than for a fresh spending spree.
In the medium and long run the new seven per cent consumption tax will serve to bolster the already high prices of Japanese consumer goods.