Press Conference by the Minister for Financial Services

(Excerpt)

August 1 , 2003

I would like to make a report. In the Financial Services Agency (FSA), there is an organization called the Financial Research and Training Center (FRTC), which was established two years ago, in April 2001, aimed at effectively combining and promoting finance-related research and training of FSA staff. The organization is designed to build up and make use of the knowledge on cutting-edge financial theories, including financial engineering and financial technology, in an effort to boost the expertise of staff continuously. At this juncture, we decided to ask an outside expert to serve as the head of the Center, a post to which a person from the FSA was appointed previously--namely, the Deputy Director-General of the Planning and Coordination Bureau--in hope of further stimulating its activities. Specifically, we asked Dr. Naoyuki Yoshino, Professor of Economics, Keio University, to serve as the head of the Center. An official announcement is expected to be made today.

Needless to say, Dr. Yoshino is one of the leading experts on public finance in Japan. We hope he will give guidance in various aspects, and enhance the Center's functions.

Specifically, there are three things worth mentioning. Firstly, the current research activities ought to be further strengthened. Secondly, exchange of views with domestic and international counter parties needs to be promoted through the Center. Thirdly, our ability to develop policies, in the broad sense, should be improved thereby. We hope Dr. Yoshino will play an active role in this regard.

Q.

According to some news reports, you have expressed your confidence in being appointed as Minister again after the upcoming Cabinet reshuffling. Is this true?

A.

Lately, I have been asked quite often about personnel affairs during interviews. I always respond with the same answer. Personnel affairs are up to those who have the power to make the decision, and I am in no position to comment on it. I have responded with the same answer even to foreign newspapers who have printed those reports. Yet, they have reported otherwise; I believe a true and accurate account should have been given in those reports. I intend to prepare a written complaint by the end of the day.