Press Conference by Jun Azumi, Minister of Finance and Acting Minister of State for Financial Services

(Excerpt)

(Tuesday, September 11, 2012, from 9:52 a.m. to 10:11 a.m.)

[Opening Remarks by Minister Azumi]

Minister Matsushita has passed away, as you know. As I was closely acquainted with him, I am very surprised at his death. I pray that his soul may rest in peace. At a cabinet meeting a short while ago, I was instructed to serve as acting minister for of state for financial services. I will serve in this capacity for the moment. I intend to exercise leadership so as to properly perform the duties of the Financial Services Agency (FSA), such as keeping Japan's financial system stable and protecting users.

[Questions & Answers]

Q.

At the beginning, you said that you had been very surprised at the death of Minister Matsushita. How did you feel when you heard the news of his death? You also said that you intend to properly perform the FSA's duties. Could you tell me how you intend to conduct financial administration?

A.

I was closely acquainted with Minister Matsushita. We have known each other since he belonged to the Liberal Democratic Party. When he suffered a defeat in the general election that was fought over the postal privatization, I was serving as the chairman of the Election Campaign Committee of the Democratic Party of Japan. I met him each time he came to Tokyo, and I saw him trying to make a fresh start in the People's New Party. After he joined the cabinet, I went to Kagoshima, only two weeks ago. I talked to him about my visit to Kagoshima and told him that I would take a trip on the Shinkansen bullet train again in the near future. I was really surprised at his death. I have many memories of my relationship with him. Last month, he told me that he had recovered from illness enough to have occasional drinks, so we sneaked to a sushi bar in Ginza and talked one-on-one with each other for three hours or so. That was the last time that I talked to him. At a time when there are many politicians who try to stand out by making attention-grabbing comments on TV, he was assiduously doing his part while keeping a low profile. He was a politician acting with simplicity and sophistication. It is regrettable that we lost him who properly do his job within the ruling parties. Once again, I pray that his soul may rest in peace. As for financial administration, many FSA officials hail from the Ministry of Finance, and the minister for financial services and the minister of finance are partners in the Committee on Financial Affairs in the Diet. I think that he properly performed his duties, such as giving instructions to and supervising major securities companies with regard to various scandals. I will hear from the FSA staff and I intend to do my utmost to conduct financial administration in a fair manner in line with Minister Matsushita's thoughts and to maintain the stability of the financial system.

Q.

How long will you serve as acting minister for financial services?

A.

That is not clear. That will depend on the Prime Minister's judgment. Usually, when somebody serves as an acting minister on behalf of a minister who is visiting abroad, for example, the acting minister will be relieved from the post when the minister returns home. I will probably serve as acting minister until the successor is selected. I have been instructed to serve as acting minister for the moment.

(End)