"Wada-san is looking 10 years into the future," said a Japanese economist who requested anonymity.

But Japanese economists argue that a further yen appreciation will instead slow Japan's economy and prevent it from helping world economic growth.

In particular, Japanese economists and trade officials have for decades practiced managed trade that protects their national interests.

An increasing number of private analysts, as well as Japanese economists and American officials, say these Federal estimates are wrong.

But Japanese and foreign economists faulted the plan.

Both Japanese and foreign economists faulted the plan for lacking cohesion, detail and, most important, political commitment.

Japanese economists began the year on a note of high optimism.

Tokyo's move may help to stabilize exchange rates, Japanese economists said.

Some Japanese economists also emphasize their view that the yen is now overvalued, in terms of buying power.

But some Japanese economists say the deregulation of Japan's markets will not necessarily lead to an increase in imports to Japan.