Press Conference by Shizuka Kamei, Minister for Financial Services

(Excerpt)

(Friday, January 22, 2010, from 5:33 p.m. to 5:53 p.m.)

[Questions and Answers]

Q.

President Obama announced a new proposal for financial regulation. Some people say that in a turnaround from the previous policy of growing major financial institutions to engage in a comprehensive range of financial businesses, the United States may be trying, in a sense, to revive the Glass-Steagall Act. Could you comment on that?

A.

The United States has significant influence not only on the U.S. economy but also on the global economy, so it naturally occupies a responsible position. As you know, the global financial sector, as well as the U.S. financial sector, has been violently shaken in recent years as exemplified by the implosion of subprime loans. Consequently, not only the U.S. economy but also the global economy has received a serious impact. As the United States was the epicenter of this impact, I think that it is natural for the country to take appropriate preemptive actions regarding the financial sector to prevent a situation like that to recur and pursue sound economic and monetary policy management. I understand that President Obama has taken action from that perspective, so I hope he will be successful.

(End)