Following is the gist of remarks made by Mr. Takashi Imai, Chairman, Keidanren, at a scheduled press conference on 5 February 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.
According to available data, real growth of Japanese economy between the second quarter of 1999 and the third quarter of 2000 proved to be weak. In this period, nominal GDP showed negative growth.
Many share the views that Japan must show its determination to further restructure its society, including political reform, administrative reform, and fiscal reform. It is especially important that the government to present a new socio-economic grand design, with high priority in social pension reform, so that the citizens will feel secured to spend excess money they save.
Business sector should also try to restructure itself. For example, outstanding volume of bad loan of financial sector still remains high. However, we have tried and succeeded in preparing legal framework so that there seems to be no systemic risks approaching now. There is a view to ask for the speed up of solving bad loan problems within the financial sector. When business goes bad, a normal company often stops dividend payments: I haven't seen any Japanese banks doing that.
(Asked whether to postpone his visit to Russia in June)
I am planning to visit Russia in early June and preparing a mission in the size of 100 to 150 persons coming from about 50 companies. When President Putin was here last year, he promised us to revise the national law so that all business contracts will be covered. I want to see how his promises are realized.