Following is the gist of remarks made by Mr. Takashi Imai, Chairman, Keidanren, on the scheduled press conference following monthly Chairman and Vice Chairmen's Meeting on 11 December 2000. Translation is rush and tentative, and sequence of the gist does not necessarily coincide with words delivered.
Regarding the upper house election next year, yes it is true that we are working on finding a suitable candidate from the business and to support him by the all-Japan business community. The time is pressing, and we are already late. Before end of December we have to find the candidate and seek certification from the Liberal Democratic Party as its official candidate. Of course, by saying all-Japan business community, I do not intend to press anyone, but ask for generous understanding of corporate executives and employees who could kindly understand our endeavor and to offer their personal support to make the candidate a real all-Japan candidate.
Regarding the U. S. economy, which is experiencing a gradual set back, I think the most would agree with me that the U. S. economy has grown above potential in recent years and now seeking a soft landing. Of course, we should not look for the stock price at NASDAQ to make a full comeback, but good companies will remain strong. The real problem is a spillover of the U. S. decline to the Japanese economy. Even though the Japanese economy finally started to grow on the private demand and expected to achieve 2% growth for both year 2000 and 2001, the U. S. effects on the Japanese economy is bringing uncertainty over its fate.