Press Conference by the Minister for Financial Services

(Excerpt)

June 1 , 2004

Q.

The package to assist Kanebo using the Industrial Revitalization Corporation of Japan has been compiled, which requires more than 60 banks to write off its debts. What are the banks expected to do, and what is the expected impact on the banks?

A.

Acknowledging that this question is concerned with our expectation for banks, the pain must be shared by all the banks. However, we hope the banks will make efforts from their respective standpoints, by firmly recognizing that it is in the banks' interest to revive companies especially those like Kanebo, which has a strong social presence, and ultimately in the interests of Japan as a whole.