Press Conference by the Commissioner

(Excerpt)

12 July, 2002

Q.

What are your aspirations as the new Commissioner?

A.

Following the latest personnel transfer, I intend to engage in the structural reform of the financial sector in unison with the Minister, as the new Financial Services Agency (FSA). My stance upon the assumption of this post is Forward-looking, Speedy and Aggressive, that is, the spirit of FSA -the same abbreviation as the Financial Services Agency.

Q.

What are the current issues for the FSA?

A.

I intend to engage in the radical structural reform of the finance sector, in order to achieve the structural reform advocated by the Koizumi Cabinet. I think the most important issue is to further accelerate the disposal of non-performing loans (NPL). As a matter of course, we will also conduct inspection and supervision in a precise manner.

In addition, based on the report by the Roundtable Committee on the Visions for the Future of the Financial System and Administration, we intend to promptly formulate FSA's medium-term vision and neatly define the future structure of the financial sector. This includes the establishment of a lively and stable financial system and, in concrete terms, the promotion of mergers among financial institutions. It also specifically includes the radical reform of the direct financing market.

Fortunately, I have had the experience as the Director of what is now called the Financial Markets Division, and the Director of the Government Bond Division, which is on the issuer-side. Therefore, I intend to tackle issues while respecting transparency and fairness, in compliance with the market mechanism.