Policy Statement by Tadahiro Matsushita, Minister of State for Financial Services, at the Committee on Financial Affairs of the House of Councillors
June 14, 2012
I am Tadahiro Matsushita. I have been appointed to serve as Minister of State for Financial Services. I appreciate your support.
Today, I would like to state my thoughts on the current financial administration.
(Current Situation surrounding Japan's Financial System)
First, I will explain the current situation surrounding Japan's financial system.
Recently, there have been moves to avert risks, causing instability in the financial and capital markets, against the backdrop of the growing uncertainty over the European fiscal and financial problems, and the slowdown in the growth rate of the global economy.
Although I believe that Japan's financial system as a whole remains sound and stable for now, I will closely monitor the effects of economic and market developments in Japan and abroad. In addition, from the perspective of strengthening the global financial system, we will continue to actively contribute to international discussion and cooperate with other countries in proceeding with the reforms in the international arena.
(Facilitation of Financing)
Next, I will talk about the facilitation of financing.
In light of the fact that the Act on Temporary Measures to Facilitate Financing for SMEs(Small and Medium-Size Enterprises) has recently been extended for the last time until March next year, the Financial Services Agency (FSA) will steadily implement the policy package to support the management of SMEs, which was announced in April, so as to contribute to the efforts to pull Japan out of deflation and stimulate the Japanese economy. By doing so, we will put in place an environment to strongly advance support that will lead to the true improvement of the management of SMEs, which should play the leading role in economic growth and job creation.
In addition, in the regions devastated by the Great East Japan Earthquake, the FSA will do its utmost to ensure smooth implementation of support measures relating to the so-called double debt problem faced by business operators and individuals affected by the disaster while cooperating with relevant ministries and agencies.
(Activities to Ensure the Credibility of the Financial and Capital Markets)
Next, I will explain activities to ensure the credibility of the financial and capital markets.
Regarding the problem concerning AIJ Investment Advisors Company, Ltd., the FSA, and the Securities and Exchange Surveillance Commission will make every possible effort to prevent a recurrence of similar problems while closely cooperating with relevant ministries and agencies.
Regarding insider trading cases relating to public offering of new shares, we will also take appropriate actions.
(Regarding the Bill for Amendment of the Financial Instruments and Exchange Act, etc.)
Finally, let me remind you that the bill for amendment of the Financial Instruments and Exchange Act, etc., which has already been submitted to the Diet, includes measures to establish an integrated exchange. I would like to ask you to quickly deliberate and approve it.
I have stated some of my ideas as the Minister of State for Financial Services. I am resolved to do my best in policy management with your kind support. I would appreciate the understanding and cooperation of Chairman Odachi and all other members of this Committee.
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