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Provisional Translation

Press Conference by SUZUKI Shunichi, Minister of Finance and Minister of State for Financial Services


(Friday, March 25, 2022, 8:45 am to 8:52 am)

[Questions and answers:]


I have a question about the market manipulation at SMBC Nikko Securities. Although the investigation is still in progress, a vice president has been arrested and a number of officers have been indicted, as has the firm itself. As the Minister of State for Financial Services, with jurisdiction over the Financial Services Agency, how do you view the events that led to this situation? And looking ahead, what measures is the FSA considering taking?


In response to your first question, it is extremely regrettable that SMBC Nikko and its officers have been indicted by the Tokyo District Public Prosecutors Office, and one of its vice presidents has been arrested, on suspicion of violating the Financial Instruments and Exchange Act. Securities firms, their officers, and their employees should do their best to ensure fair dealings in the markets, but in this case they are suspected of proactively and systematically engaging in unfair transactions, and I view this is something that could shake market credibility. For its part, the FSA will keep an eye on the progress of the investigation and take rigorous measures as necessary.

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