Press Conference by Shozaburo Jimi, Minister for Financial Services

(Excerpt)

(Tuesday, May 31, 2011, from 8:40 a.m. to 8:46 a.m.)

[Opening Remarks by Minister Jimi]

Today, I do not have anything particular to report to you.

[Questions & Answers]

Q.

The long-term credit rating of Tokyo Electric Power has been downgraded sharply. This is said to be related to the government’s measures to deal with the impact of the earthquake disaster, too. Could you comment on that?

A.

As this is a judgment made by a credit rating agency, which is a private company, we would like to refrain from making comments. Credit rating agencies may conduct rating activity as they like, as they have the freedom of speech and expression. In any case, the Financial Services Agency (FSA) will carefully monitor market developments.

Q.

Could you tell me about the status of your examination of the results of the inspection of Mizuho Bank and Mizuho Financial Group, and the content of the reports submitted by them as well as the future course of administrative action?

A.

Mizuho Bank’s system problem is a serious issue. However, as to the future course of administrative action, we are calmly considering what action to take as we are following strict procedures, such as examining the results of the inspections of Mizuho Bank and Mizuho Financial Group and the content of the reports submitted by them, and notifying them of the results of the inspections.

We intend to take necessary action as soon as possible. However, I would like to refrain from commenting for now on the specifics and timing of future administrative action.

(End)