Following is the gist of remarks made by Mr. Takashi Imai, Chairman, Keidanren, at a scheduled press conference following monthly Chairman and Vice Chairmen's meeting on 15 January 2002. Translation is rush and tentative, and sequence of the gist does not necessarily coincide with words delivered.
(Asked of his views over "Shunto (spring labor offensive)" for 2002)
I believe Shunto is already a dead word. Corporate performance as well as size of their purses varies across the board and labor-management relationship should also vary accordingly. Increasing or decreasing of salary, as well as hiring or firing of employees, must be left to discretion of each corporation. Even though there is a move by some labor unions to organize industry-wide employment security agreement, I think it wouldn't be easy.
(Asked how he views of discussion of work sharing in Japan)
The term "work sharing" is used under many different definitions. When Keidanren asked its member companies whether they employ work sharing, 85% said they haven't and won't employ work sharing. Of the remaining 15%, half say they intend to avoid job cuts; about 35% said they would employ only part-time workers, and only less than 15% said they would cut work hours through work sharing. This means that only very few of the replied would try to create jobs through work sharing.
(Asked of his views over restructuring efforts of Daiei)
How to restructure Daiei must be decided between the management and creditors. In the end they could decide on utilizing the "the guideline for multi-creditor out-of-court workouts" through which responsibilities of creditors and debtors would be clarified; using "Law on Special Measures for Industrial Revitalization" framework through which creditors can write off outstanding loan without being taxed and banks could hold more than 5% share of the company through debt equity swap; or any other legal framework so that restructuring would progress smoothly.
(Asked about state of the Yen)
Japan is not intentionally devaluing the Yen even though I expect the trend of cheaper Yen would continue for a while. Since currency crisis in 1997, many Asian countries scrapped pegging to the U. S. dollar except for China, and to some extent, Malaysia. If these two countries fear further appreciation of their currencies, they can stop pegging to the dollar. Meanwhile, I am more concerned about the weaker Yen leading to weaker Japan. I believe that more attention should be given to that.
(Asked on his views over completed Commercial Code revisions)
Expected revision of Commercial Code is whole-hearted, and even though there are many good points as well as bad points, I would say that in general the revision is for good. For example, of the revisions to be made, I think it is good to stay away from obligating companies to employ outside directors, but favors to those companies that do employ directors from outside remain.