Japanese Prime Minister Junichiro Koizumi likes to portray himself as a reformer and revitaliser of the country's economy. His promise to privatise the financial services monolith, Japan Post, was the reason snap elections were called and he faced voters on Sunday. Mr Koizumi's political gamble paid off and he has won an overwhelming majority in the lower house of parliament, decimating the opposition. With politicians opposed to his plans removed or sidelined, he has vowed his reform agenda will now go ahead. There is a high probability of this now happening. Beyond Japan Post, though, he has given little indication of what changes he has in mind. Asked yesterday what they were, he replied, without giving details: 'I intend to push forward policies on other issues of concern to the people, such as social insurance, in parallel with postal reform.' Reiterating that despite his resounding victory, he had no intentions of staying on as prime minister after next September, this, then, will presumably be his legacy. Postal reform is much needed and it could pave the way for further reform. But for a nation needing major overhauling of its economic and political systems and with a man representing reform at its helm, it is not much of a remembrance. In his time in office, Mr Koizumi has said much, but achieved little. He claims, for example, that it is because of his policies that Japan's economy has turned a decade-old corner of stagnation. He has never mentioned that it may perhaps be more to do with demand from a developing China than his fiscal prowess. Similarly, he has listed among his reform achievements progress in banks' non-performing loans and industrial revitalisation. Each of these could easily be argued to have been as much a step backward as forward. Non-performing loans have shrunk, but this has been achieved through increasing government intrusiveness into the affairs of the private sector. The Industrial Revitalisation Corporation, a government entity, determines the winners and losers - a role the market has in the past ably shown itself to be capable of filling. Without care, the same could happen with Japan Post. Privatisation could easily create a mammoth monopoly. Every effort should be made to ensure it creates more competition. Mr Koizumi is charismatic, a good talker and crowd-pleaser. He is far removed from the grey political leader the country has been used to and, as such, has been perceived as a breath of much-needed fresh air. But so far, he has little concrete to show for all the rhetoric other than worsening relations with neighbours by putting nationalism before diplomacy. If Mr Koizumi is truly to leave a legacy for his people, he must adopt a reform agenda that cuts to the heart of his nation's problems. Japan Post is a good place to start, but it must not end there.