Press Conference by Ikko Nakatsuka, Minister for Financial Services

(Excerpt)

(Friday, December 7, 2012, from 10:05 a.m. to 10:12 a.m.)

[Questions and Answers]

Q.

I heard that the postal privatization committee may hold one more meeting before the general election. Do you have any information on that?

A.

Would you like to know whether or not the privatization committee will hold one more meeting? I heard that the committee said after its meeting on November 30 that it will hold a hearing on December 12 and announce its decision in the week that starts on December 17.

Q.

If the committee reaches its decision concerning Japan Post Bank’s new services, how are you going to deal with it?

A.

As I always say, our examination has not made sufficient progress, so it would be premature to make a decision.

The Financial Services Agency (FSA) has adequately informed the privatization committee of the progress status of its examination, so I hope that the committee will make an appropriate decision in light of the status of the FSA’s examination.

Q.

The day before yesterday, the first court trial was held in the case of President Kazuhiko Asakawa of AIJ Investment Advisors, and he pleaded guilty to all charges of fraud and violation of the Financial Instruments and Exchange Act. Could you comment on that and tell me about your thinking regarding recurrence prevention?

A.

Mr. Asakawa was summoned as witness to testify before a Diet committee. As a member of the committee, I heard the testimony. The trial started on December 5, and I heard that Mr. Asakawa admitted to fraud and falsification of contracts.

As this concerns the contents of the trial, I would like to refrain from commenting on it. In any case, various problems have come to light in the case of AIJ Investment Advisors. We must overcome the problems. The FSA and the Securities and Exchange Surveillance Commission will do all they can, including recurrence prevention efforts.

(End)

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