Press Conference by Kaoru Yosano, Minister of Finance and Minister for Financial Services and Economic and Fiscal Policy
March 6, 2009
[Opening Remarks by Minister Yosano]
The cabinet meeting proceeded based on the predetermined agenda.
[Questions and Answers]
New York stock prices fell to the lowest level since April 1997 again, and this could affect Japan’s real economy. How do you feel about this? Also, while the ruling parties’ deliberations on stock price-supporting measures have apparently made considerable progress, Nippon Keidanren is expected to present the government with a proposal for an expansion of the range of items that may be purchased by the Banks’ Shareholdings Purchase Corporation to include ETFs (exchange-traded funds). With a proposal like this in mind, what measures do you think should be taken to support stock prices?
As the drop in the U.S. Dow Jones average is a matter of great concern for Japan, too, I expect it will naturally have a psychological impact on the Tokyo market.
As for my thinking regarding stock price-supporting measures, Paragraph 3 of the supplementary resolution that was adopted when a bill related to Banks’ Shareholdings Purchase Corporation was passed stated to the effect that frank discussions should be held on this matter across the boundary of the ruling and opposition parties. So, I have high expectations that along the line of that supplementary resolution, a variety of things will be discussed between the ruling and opposition parties, not only in the House of Councillors but also in the House of Representatives.
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