Press Conference by the Minister for Financial Services

(Excerpt)

March 20 , 2003

Q.

Mr. Fukui will today take office as Governor of the Bank of Japan under extremely grave circumstances in which the attack on Iraq is imminent. Bearing that in mind, could you please tell us again what you expect from the Bank of Japan and the new Governor, especially with regard to short-term issues and, subsequently, medium-term issues?

A.

Faced with such circumstances on the very first day of office, he must really be under tremendous pressure. Under such circumstances, it will be necessary for us to monitor the market together in a direct manner in the short term. I strongly hope to keep pace with him in doing my best to fulfill such a task in close mutual cooperation.

In the medium term, it is above all essential for us to firmly maintain our course with the structural reform, and what I consider extremely important in that attempt is for him to adopt a system of administration that will enable the government and the Bank of Japan to work in true unison to overcome deflation as a common goal. This is another area in which I personally have high expectations of his new administration.

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