13th March, 2011
Statement by Shozaburo Jimi, Minister for Financial Services
1. I would like to express my deepest condolences to the casualties of the Tohoku District-off the Pacific Ocean Earthquake in 2011 and also would like to express my heartfelt sympathy to those who were hit by the Earthquake.
2. Following the outbreak of the Earthquake, the Financial Services Agency (FSA) established the Disaster Management Team headed by myself (Minister for Financial Services) at 3pm on 11th March.
The Japanese Government as a whole is working hard to save lives and support well-being of those who were hit by the Earthquake. The FSA, as part of the Government, will also do its utmost.
3. As part of the efforts, on 11th March, jointly with the Governor of the BOJ, I requested financial institutions to take appropriate measures to accommodate the needs of those hit by the Earthquake, such as withdrawal of deposits upon the verification of depositors' identities in case they have lost certificates of deposits or passbooks. Going forward, the FSA will continue to ensure the functioning of the financial system for the needs of depositors, clients, etc.
4. The systems and other functions of financial and securities markets are working normally; and in order to ensure that economic activities proceed smoothly, the markets will operate as usual on and after 14th March.
5. On this occasion, the FSA will rigidly monitor the markets to prevent any unfair transactions that take advantage of the disaster.
Namely, the FSA, in close cooperation with the Securities and Exchange Surveillance Commission, stock exchanges and other related parties, will monitor thoroughly any misconducts such as market manipulations and respond firmly to misconducts. This includes the strict implementation of the ban on naked short selling.
6. I would like to ask all those concerned for appropriate actions, and sincerely wish for the early recovery of the peace of mind of the afflicted people and the early restoration of the stricken areas.
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