Press Conference by the Minister for Financial Services

(Excerpt)

September 22 , 2003

Q.

What are the merits of having been appointed to Minister in charge of financial services, as well as economic and fiscal policies, if any?

A.

At the moment, there are many things that need to be done in Japan, in terms of making adjustments to balance sheets. The disposal of non-performing loans involves adjustments to financial institutions' balance sheets. However, adjustments to financial institutions' balance sheets accompany adjustments to industries and businesses' balance sheets. In that sense, being in charge of both is advantageous when working on the revitalization of the financial sector, industry and economy in an integrated fashion.

Q.

As Minister for Financial Services, although you have achieved many accomplishments, you have also received many criticisms over the past year. Looking back, do you think your approach has been 100% correct, or could an alternative approach have been taken?

A.

It could not have been done differently. The reforms which I am promoting are common sense for those who give serious, deep thought to economic policies.

Reforms, however, go against the status quo in certain aspects. In that sense, it is not surprising that some people object to it. Nonetheless, while some people may be against it, more people are in favor of it. That is why Prime Minister Junichiro Koizumi's structural reform is making progress.