Press Conference by the Minister for Financial Services

(Excerpt)

March 7 , 2003

Q.

The other day, there were reports in some magazines about your meeting with Sumitomo Mitsui Financial Group and Goldman Sachs. Could you please confirm the facts? Please also tell us your response if there were any gross mistakes in the reports.

A.

The fact is that I met with them on a courtesy call-basis, and as a matter of course, I did not mention the nationalization of individual banks as reported in the magazines --it is out of the question.

Secondly, there are claims that I violated the Ministers' code of ethics by being entertained, wined and dined, but of course this is not true at all. As for my response, I already expressed them a strong protest in regard to the points I just mentioned, by issuing content-certified mails through my attorney yesterday. If there is no reasonable apology, or if no measures are taken to restore my reputation, I will take firm measures.

Q.

Please let me confirm that you met with Chairman Hank Paulson, but President & CEO Yoshifumi Nishikawa was not present at the time.

A.

No, I met him through Mr. Nishikawa's introduction.

Q.

The three of you?

A.

I would like to refrain from disclosing the details. Basically, Mr. Paulson, Mr. Nishikawa and I met for a short period, on a courtesy-call basis.

Q.

When did it take place, roughly speaking?

A.

I have nothing in particular to comment on the details, in regard to when and where it took place.