Press Conference by Shozaburo Jimi, Minister for Financial Services

(Excerpt)

(Friday, July 8, 2011, from 8:51 a.m. to 8:55 a.m.)

[Questions & Answers]

Q.

Nippon Life Insurance has acquired an equity stake in Allianz of Germany. Could you comment on that?

A.

Although I am aware of media reports about that, I would like to refrain from making comments, as this is a matter concerning an investment by a specific company. Generally speaking, for insurance companies, it is a very important task to develop an appropriate risk management system regarding asset management based on the recognition of risks involved in asset management, as you know.

In any case, the FSA will continue to monitor the status of risk management by individual insurance companies.

Q.

A senior official of the Ministry of Economy, Trade and Industry is suspected of having engaged in insider trading activity. Are you aware of this case, and what do you think of it?

A.

I am aware of media reports about that. However, I would like to refrain from commenting on the status of specific investigation conducted by the Securities and Exchange Surveillance Commission (SESC) into cases of legal violation, including on whether investigation has been launched.

Generally speaking, the SESC conducts rigorous market surveillance in order to ensure fairness of securities transactions and protect investors. When it has recognized acts that violate the Financial Instruments and Exchange Act, such as insider trading activity, the SESC conducts investigation and takes strict actions as necessary. Generally speaking, that is how things go.

(End)

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