Following is the gist of remarks made by Mr. Takashi Imai, Chairman of Keidanren, and Mr. Hiroshi Okuda, Chairman of Nikkeiren, at a joint press conference on 12 November 2001. Translation is rush and tentative, and sequence of the gist does not necessarily coincide with words delivered.

(Asked why Imai asked Okuda as his successor)
I chose Okuda to lead Japan Business Federation and obtained his positive reply. The official date of his accession will be on May 28, 2002. Also, it is true that I could not find a better person, nor could I find more suitable persons.

(Asked when Okuda accepted and what he hopes to achieve)
I made my mind, consulted with Shoichiro Toyoda on Friday, and then replied to Imai. As Japan's politics and economics on the verge of deflationary spiral, I would do whatever I can to rebuild the Japanese economy. I will offer my full support to Prime Minister Koizumi's new policies that will be unveiled toward and of the year and would support him at my current and future positions to my fullest.