Following is the gist of remarks made by Mr. Takashi Imai, Chairman, Keidanren, at a scheduled press conference on 22 June 2001. Translation is rush and tentative, and sequence of the gist does not necessarily coincide with words delivered.
(Asked on the Chinese decision to put high tariff on Japanese industrial exports against Japanese safeguard measures over import of agricultural goods)
I understand that Japanese government followed WTO rules. Safeguard measures are prepared to give certain time for domestic producers to prepare for international competition under strict conditions. Having said so, imposing safeguard measures is not always favorable. It is wrong for a country like Japan to think that it could keep all agricultural or industrial productions on its domestic soil. The government should promote discussions as to what must be produced here and what others could go.
I regret Chinese measures and hope both governments to calmly conduct discussions to overcome difference of views. Now Japan-China trade account over 80 billion dollars annually and two countries are becoming mutually complementary. I hope that both sides will stick to free trade principles during their discussions.
(Asked on how he views of the laws allowing Japanese version of 401k and treasury stocks schemes were passed the House of Representatives of the Diet)
Both provisions are prepared to promote transition from indirect financing via banks to the direct financing through capital market. In near future that Japanese 401k will be allowed to purchase own companies' fund as in the U. S.'s ESOP. Now what is required of is to revitalize the capital market. Unfortunate part of the story, however, is that increasing number of securities companies are charged with business miss-conduct, recurrence of which should be avoided at all cost.
Meanwhile, companies and their workers are now given high and secured return pension schemes. To change this to accommodate Japanese version of 401k, as unions are against rapid implementations, companies will have to discuss with their unions upon their converting current retirement allowance schemes into pension funds.