Following is the gist of remarks made by Mr. Hiroshi Okuda, Chairman of Nippon Keidanren, at a press conference following monthly Chairman and Vice Chairmen's meeting on 8 July 2002. Translation is rush and tentative, and sequence of the gist does not necessarily coincide with words delivered.
(Asked on the state of Japanese economy)
Fundamentals of the Japanese economy haven't improved much during the last month. Even though machine orders and the Bank of Japan Tankan has shown improvement, consumption is still low and unemployment is still high. It is true that Japan is still relying on external demand -- the U. S. and Southeast Asian recovery are essential for the time being. The current foreign exchange rate of 118 yen per dollar is not so bad, as I believe 120 yen is a feasible range, except the pace of change appears to be faster than most corporate management can cope.
(Asked about implementation of "pay off" in April 2003)
The Federation is still taking a wait and see attitude -- but I know we should finalize our stance by October.
(Asked about Mitsui & Co. scandal)
The Federation Vice Chairman Shigeji Ueshima (Mitsui Chairman) is now in Brazil and I know no more than media reports. I will hear from the Ueshima according to the criteria available in the Federation by-laws.
(Asked of his opinion over the fall of global/U.S. management standards)
I know the concept of the U. S. standards or the global standards, but am not sure that the case of World Com or Enron means the fall of them. By all means those who commit acts of crime must be punished, but I don't want to link these incidents with systemic failure.
(Asked of his opinion over proposed hike on nuclear fuel tax by Fukushima Prefecture)
Local authorities can set local taxes, but hopefully after coming to consensus among the government, its people, and companies located there. In this sense, I support Home Minister Katayama who urged for consensus building. Of course, taking money away from companies because companies cannot vote is an outrageous concept.
(Asked of his opinion over the Conservative Party and Komeito's stance of not seeking public works/social security budget cut by 10%)
It is said that cutting expenditure from public works by 20% is easy if private sector could manage them even if the volume of such works remain the same. In this context, cutting 10% of public works budget is nothing of a hustle.