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

(Excerpt)

(Friday, September 14, 2012, from 10:20 a.m. to 10:35 a.m.)

[Questions & Answers]

Q.

Let me ask you about financial administration. I presume that there will be no change in the policy toward the examination of Japan Post Group's application to start new services. Former Minister Matsushita, who was a member of the People's New Party, said he had instructed the FSA staff to finish the examination as soon as possible. Am I correct in understanding that this policy remains unchanged?

A.

At the moment, I am acting minister, so essentially I would like to leave it to a new minister to make comments. I would like to refrain from commenting on a statement issued by individual business groups. I understand you want me to comment on a joint statement issued yesterday by associations of private financial institutions expressing concern about the plan to start new services. In any case, when examining the application, the FSA intends to decide whether to grant approval after spending a certain amount of time on examining it in accordance with the Postal Service Privatization Act, the Banking Act, and the Insurance Business Act from the perspective of whether or not there is a risk that the appropriate competitive relationship with other financial institutions may be undermined and whether Japan Post Group has developed a system to provide the new services in an appropriate manner. I believe that is the right stance.

(End)