[With Japan's snap election campaign in full swing and scheduled for 9/11, this timely critical article by UFJ Institute senior analyst Morinaga Takuro looks deep into the social and economic implications of the competing ‘reform’ agendas that presently define Japanese politics to reflect on Japan's emerging underclass. Coverage of Koizumi's “postal privatization” election in the overseas press as well as much of the Japanese media has, by contrast, largely held to script. A chorus of business voices, particularly overseas investors and their advisors, apparently see Koizumi as the embodiment of fiscal austerity, open markets and vigorous growth.