Press Conference by the Minister for Financial Services

(Excerpt)

April 22 , 2005

Q.

The Tokyo Stock Exchange (TSE) announced matters that should be heeded when introducing defense measures against hostile takeovers yesterday, with a view to eventually institutionalizing them. What is your view on TSE's announcement, while defense measures against hostile takeovers appear to be slightly excessive following the affairs between Livedoor Co., Ltd. and Fuji Television Network, Inc.?

A.

As problems in investor protection might arise when introducing defense measures against hostile takeovers in individual cases, we understand that the TSE notified listed companies about the matters that should be heeded in view of investor protection when introducing defense measures.

The Financial Services Agency considers that it is an appropriate step for the TSE--a self-regulatory body--to notify listed companies about the matters to be heeded in view of investor protection, while a number of listed companies are examining defense measures to prepare for the general meeting of shareholders.