Following is the gist of remarks made by Mr. Takashi Imai, Chairman, Keidanren, at a scheduled press conference on 15 January 2001, following monthly Chairman and Vice Chairmen's meeting. Translation is rush and tentative, and sequence of the gist does not necessarily coincide with words delivered.
Since Keidanren asked the government to consider a comprehensive revision of the commercial code in October followed by advance introduction of the treasury stocks system in December, Keidanren has been trying hard to obtain understanding of key politicians. I know that the low stock prices are caused by many reasons, but major factors are loss of trust in Japanese companies, which occurred at the time when Japanese companies are introducing a new accounting practice (valuing stock in hand at market price, causing many Japanese companies to release their cross-holding shares).
Regarding the yen-dollar rate, the current figure of almost 120 yen to a dollar is still within an allowable boundary. However, an excessive depreciation of the yen is not preferable. Japan is trying to improve the economy by its own efforts, not led by the export.
The new U. S. administrations under President Bush Jr. appears to have a good stability to start with, as it has many veterans out of the Bush Sr. administrations. There is also a good mix, which leads me to believe in a good working relationship with the Congress. For Japan, the new administrations will emphasize a strategic alliance relationship between our two nations, and it is important to keep continuing to be a good strategic partner of the U. S.