Press Conference by Shozaburo Jimi, Minister for Financial Services

(Excerpt)

(Tuesday, April 24, 2012, from 9:27 a.m. to 9:30 a.m.)

[Opening Remarks by Minister Jimi]

Today, I do not have anything particular to announce.

[Questions & Answers]

Q.

There has been a media report that Senior Vice Minister of Finance Igarashi said there were four companies facing problems like the one at AIJ Investment Advisors. I would like to check facts and to know how you feel about the fact that a person within the government has made remarks that could spread harmful rumors.

A.

I am aware of the media report that you mentioned. However, Senior Vice Minister of Finance Igarashi's remarks are not based on the understanding of the actual circumstances gained through the Financial Services Agency's (FSA's) survey on all companies managing customers' assets under discretionary investment contracts. My understanding is that the media report about his remarks is based on a personal opinion he expressed in relation to various views on the AIJ problem in a free exchange of opinions with his supporters at a private study group.

As I already announced, the FSA is conducting a survey on all companies managing customers' assets under discretionary investment contracts (second-round survey). We are trying to grasp the actual circumstances of such companies through this survey. As I stressed at that time, regarding the contents of the comprehensive survey (second-round survey), I would like to refrain from making comments on any matters that could generate harmful rumors, such as the names and number of companies surveyed.

I recognize that as the head of an administrative agency, I must take great care to prevent harmful rumors. Regarding the results of the second-round survey, we have not made a decision as to what to do, including whether to announce the key points.

Q.

Does the fact that the Senior Vice Minister of Finance made such remarks mean that the government has information indicating the presence of companies facing problems?

A.

As the survey is still ongoing, it is not true that such information is shared within the government. Frankly speaking, even I have heard nothing about that. I understand that his remarks were made at an entirely private meeting.

Q.

Will you complain to Senior Vice Minister Igarashi?

A.

I have conveyed my complaint to him privately through the FSA staff.

Thank you very much.

(End)