Following is the gist of remarks made by Mr. Takashi Imai, Chairman, Keidanren, at a scheduled press conference on 25 March 2002. Translation is rush and tentative, and sequence of the gist does not necessarily coincide with words delivered.
(Asked of his views over recent political scandals)
Upon hearing political scandals, I come to feel that therカジノシークレット ブラックジャックs a need to thoroughly overhaul relation between politics and money. There must be a clear justification for politicians to claim necessary fund, but for public, reasons of the necessity still seem unclear, even after series of reforms implemented in the past.
(Asked if Japan has avoided financial crisis in March)
In February, anti-deflation measures and new Bank of Japan policies, including capital market measures such as short-selling restriction, were announced. Then stock price rebounded, and total market valuカジノシークレット ブラックジャックncreased by 50 to 60 trillion yen. Corporate earning improved and capital sufficiency rate of financial institutions also improved. All adds up to elimination of so called "March crisis." With inspection by Financial Services Agency becoming more stringent, banks now must pile up more reserve fund for losses, or thrash loss-making loans in more direct ways towards implementing structural reforms. What I mean by saying all this is that clearing of non-performing loans is still on its way.
(Asked on his views over the state of Japanese and U. S. economy)
As interest rate fell and consumption returned, state of the U. S. economy has improved. This has brought good sign to Southeast Asian countries' economies. However, inventories of Internet-related companies are still in excess and I wouldn't deny possibility of further downfall in near future. I am not at all optimistic of Japanese economy -- decline of export is slowing, but employment and wage level is still declining. Facilities investment wouldn't come back for another half year or so. Therカジノシークレット ブラックジャックs a temporal relief of 2nd supplementary budget of fiscal 2001, and we would have to seカジノシークレット ブラックジャックts affects towards export and facilities investment of the second half of fiscal 2002. I would like to stress, however, that economic structural reform is morカジノシークレット ブラックジャックmportant than immediatカジノシークレット ブラックジャックmprovement. Japan should scrap what we have to, to regain right balance between supply and demand.
(Asked on Keidanren sending high level delegation to Southeast Asia)
Starting Thursday this week, through April 7, I will visit Thailand, Vietnam, Singapore and Indonesia and discuss with executives of each country. It has almost become annual ritual to visit Southeast Asian nations to exchange views on bilateral and global topics such as uprising of China. Until now, Japanesカジノシークレット ブラックジャックnvestment to ASEAN has amounted to triple that to China -- even though the proportion could changカジノシークレット ブラックジャックn coming days. So, I would like to call upon Southeast Asian countries to reform taxes, legal system, and upgradカジノシークレット ブラックジャックnfrastructure. It is important for private companies to raise parts suppliers, skilled workers, and transfer technologies to investment destinations. It is also important for ASEAN to implement free trade agreement as scheduled, and for Japan, it is important to solve domestic problems such as agriculture. I will also discuss with them about how ASEAN is thinking about China.
(Asked of his views over consolidated tax)
Until now, Finance Minister Shiokawa hasn't contacted me yet. I am calling for scrapping of 2% surtax over consolidated tax return scheme at earliest possible date. Keidanren will push the government again before the proposal will be presented to the Diet in May. On overhauling of corporate and individual income tax, I should point out that over 8 trillion yen worth tax cuts were already made during days of Prime Ministers Hashimoto and Obuchi. This reduced national income from 60 trillion yen to 47 trillion yen and I am not for further reduction now. However, therカジノシークレット ブラックジャックs a need to promote tax cuts to prop up the economy. For example, tax incentive for R&Ds, and shifting money from elders to more active generation by integrating inheritance tax and gift tax.