Press Conference by Kaoru Yosano, Minister of State for Economic and Fiscal Policy and Financial Services

(Excerpt)

July 4, 2006

Q.

At the round-table conference held last Friday, Mr. Taizo Nishimuro, the President & CEO of the Tokyo Stock Exchange (TSE), reinstated TSE's policy to go public, which had been put on hold. Previously, there were various arguments for and against floating a stock exchange, regarding concerns about a major shareholder suddenly appearing and whether public interest could be maintained. What is your perception of TSE's policy to go public at this stage?

A.

In theory, there is no problem whatsoever in floating the TSE, but the fact is that the TSE itself has extremely strong public characteristics. The float of the TSE based on such characteristics requires that a series of issues be addressed properly, including regulations on major shareholders and what to do with foreign investors.

Considering that the TSE has the authority to establish regulations as enforceable provisions, the crucial issue after becoming a listed company will be how to balance its function as a joint-stock corporation and its authority to establish regulations.

(End)

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