Press Conference by Shoichi Nakagawa, Minister of Finance and Minister for Financial Services
February 6, 2009
[Opening Remarks by Minister Nakagawa]
Although there was a meeting before today’s cabinet meeting, I could not attend it because of consultations related to the Budget Committee, so the Senior Vice Minister attended it on my behalf. I had no particular statements to make at the cabinet meeting, so I do not have anything particular to report to you.
[Questions and Answers]
While there have been various discussions in the United States about a “bad bank,” which will purchase distressed assets from financial institutions, it is said that there are many challenges. Could you tell us how you view this matter? Also, do you think Japan should consider the possibility of establishing such an organization in the future?
Just at this time when the U.S. government is taking various measures — the “bad bank” is an interesting name —I cannot make comments on those measures in my capacity as the Minister for Financial Services.
Yesterday, Japan General Estate filed for the application of the Corporate Rehabilitation Act. How do you assess the state of fund-raising toward the end of the fiscal year?
Although the end of the fiscal year has not yet come, there has been a succession of large-scale bankruptcies; some newspapers counted how many companies have gone bankrupt since the beginning of this year. So, not only near the end of the fiscal year but also now, we must prevent companies that could be saved from bankruptcy from going bankrupt — although I think that there are various reasons for bankruptcy — as I think that the current situation is extraordinary. In this sense, the BOJ (Bank of Japan), as well as the government, is doing various things, and toward the end of the fiscal year in particular, we must take measures to prevent what should not happen, including the kind of situation we are seeing now, from happening. As one such measure, it is important to quickly enact the budget for the next fiscal year and implement it without any delay, and if there are other things that should be done toward the end of the fiscal year, the government should not hesitate to take action.
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