Following is the gist of remarks made by Mr. Takashi Imai, Chairman, Keidanren, at a scheduled press conference after monthly Chairman and Vice Chairmen's meeting on 9 April 2001. Translation is rush and tentative, and sequence of the gist does not necessarily coincide with words delivered.
(Announcing changes in secretariat executives)
Today I accepted resignation of Mr. Kozo Uchida, Director General. He will become Senior Counselor following Keidanren's annual general assembly meeting on 25 May. Mr. Ryukoh Wada, currently Senior Managing Director, will succeed his post, and Mr. Yoshio Nakamura, currently Managing Director, will be new Senior Managing Director.
(Asked on his views on emergency economic package announced on 6 April)
The government plan on stock holdings buy-up institution, to be established by banks seems to be inevitable. The current plan allows the government to guarantee the purchase fund. It is also good for not including a role of the institution to spend the tax money to cover the loss. In longer term, the government should implement a thorough overhaul of stock market regulations and allow individual investors to come back, by, for example, removing double-taxation and lowering tax rate on capital gains, etc.
(Asked on his views over preferable yen-dollar exchange rate)
Even though the rate is controlled by market, I think 110 to 120 yen to a dollar range quite reasonable. However, the Bank of Japan policy to increase market liquidity could lower the yen's value. I know that there is a group of people who fear flood of Japanese export with weak yen, but one should know that Japan's import is growing even more than the export -- Japanese companies are learning lessons from the past.
(Asked to review his visit to Thailand and Singapore)
Regarding our visit to Thailand, we were glad to learn that the new Prime Minister Mr. Thaksin Shinawatra, whose political party bears nationalistic name, that he and his cabinet will welcome investment of Japanese companies. The Prime Minister also hoped Japan to buy more of its agricultural produce, which accounts for over 20% of Thai exports.
Regarding Singapore, through meetings with its political and business leaders, I learned their eagerness of completing free trade agreement with Japan by end of this year. They thanked Keidanren for its continuing support towards this goal. The leaders were also eager to start lowering tariff within AFTA, ASEAN Free Trade Area, as scheduled (from 2002).
(Asked on his views over LDP presidential election scheduled for 24 April)
I hope the election will be conducted in an open and transparent way, with having all candidates presenting his policy frameworks. I also hope that the winner should give young and able party members chances to take part in running the government.