Following is the gist of remarks made by Mr. Takashi Imai, Chairman, Keidanren, at a scheduled press conference on 30 November 2001. Translation is rush and tentative, and sequence of the gist does not necessarily coincide with words delivered.
(Asked on the current state of Japanese unemployment)
Restructuring of Japanese economy would certainly raise unemployment level and the latest figure of 5.4% is unavoidable. The government should continue its restructuring drive, and Japan must endure increasing unemployment until positive result of restructuring become obvious. At least, the government has already allocated 550 billion yen, the largest portion of the supplemental budget, for assisting unemployed.
(Asked on the state of implementing consolidated tax return)
I am glad that finally consolidated tax return scheme will be implemented from the next fiscal year -- the bill will be submitted to the Diet in May and to have it passed by June so that the scheme could start retroactively on April 1, 2002. I sympathize the hardship surrounding the Ministry of Finance, but Japanese businesses cannot wait any longer. Further delay would aggravate confidence over the Japanese economy.
(Asked about upcoming change in the system of stockholders' class action lawsuits)
Worst of the current system is that a company director bears unlimited damage in a lawsuit even if he/she has not infringed a law nor has he/she caused damages intentionally. The law to be passed contains two minimum improvements: The first is to enable the board of directors' meeting to place a cap on liability per director per lawsuit. The second is to enable company to join class action lawsuits if company auditors approve such move.
(Asked how he view downgrading of Japan's government bond)
I regret such a move but understand that eyes on Japan are as cold, especially on its handling of non-performing loans (NPLs). To improve the rating, private sector must write of NPLs and the government should regain the primary balance at earliest possible time.
(Asked how he views of medical insurance system reform)
Considering financial limitations placed on the government, the agreed reform is a step towards realizing a sustainable medical insurance for all Japanese citizens. Without reform, medical insurance premium on young people would soon rise higher than they could possibly earn. Doctors' income level must also be closely watched while Japan is in deflation.