Press Conference by Taro Aso, Deputy Prime Minister, Minister of Finance and Minister for Financial Services

(Excerpt)

(Tuesday, March 5, 2013, from 8:55 a.m. to 9:07 a.m.)

[Questions and Answers]

Q.

Yesterday, a system glitch occurred at the Osaka Securities Exchange (OSE). What do you think of this problem, which occurred ahead of the planned system integration with the Tokyo Stock Exchange, and what are your thoughts on future administrative action?

A.

The system glitch was very regrettable. Before a merger, it is usual that incidents like this occur. For example, when three banks merged in the past, a similar system glitch took place. In any case, as system glitches cause inconvenience for customers, it is important to examine the cause and prevent a recurrence of similar problems, so we issued an order for the submission of a report yesterday. This case requires close examination. In cases like this, the issue is what the cause is-whether the cause lies in a system defect or in a human error. That must be made clear.

Q.

Regarding the OSE’s system glitch, could you explain in more detail your thoughts as to whether to take administrative action?

A.

As we are still holding hearings regarding this case, it is too early to comment on administrative action.

(End)