Remarks by Shozaburo Jimi, Minister of State for Financial Services
11 Nov. 2011
It is highly regrettable from the viewpoint of market fairness and transparency, that the Olympus Corporation has been engaged in deferring the posting of losses from securities and other investments.
It is troubling to see investors, both domestic and abroad, question the fairness and transparency of the Japanese markets, and I would urge all the parties concerned with the markets in Japan to tackle this issue together.
As a first step, I believe it is essential that the Olympus Corporation, on its own initiative, explore what has actually happened as soon as possible and promptly disclose accurate information, including through rigorous investigations by the Third Party Committee, established by the company on November 1, 2011.
The Financial Services Agency of Japan (FSA), as the regulator of the Japanese financial markets, is determined to move quickly, in close cooperation with relevant bodies including the Tokyo Stock Exchange, to urge the company to take steps to accurately grasp the truth and make timely disclosure.
I understand that in cases where there are doubts of violations of the Financial Instruments and Exchange Act (FIEA), the Securities and Exchanges Surveillance Commission, the enforcement arm of the FSA, would undertake necessary actions including rigorous investigations and surveillance. I believe this principle is being applied to the case of the Olympus Corporation as well, and actions taken as necessary.
I would like to note that, in order to ensure market fairness and transparency, Japan has been making ceaseless efforts to upgrade its financial market system through successive amendments to the FIEA and listing rules, among others, and further to improve their actual implementation and enforcement. I am determined to take every measure necessary, if any issues for improvement were to be identified through untangling of this case.
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