Following is the gist of remarks made by Mr. Hiroshi Okuda, Chairman of Nippon Keidanren, at a scheduled press conference on 30 September 2002. Translation is rush and tentative, and sequence of the gist does not necessarily coincide with words delivered.
(Concerning appointment of Minister Takenaka concurrently to financial affairs post)
At this moment I am without detail information on why Mr. Koizumi appointed (or re-appointed) these ministers. However, concurrent appointment of Mr. Takanaka to financial services affairs took me by surprise, as I haven't read any media reporting possibility of such appointment. As Japan is on the verge of economic crisis, as the government hasn't been able to implement what it has said it would, appears to reflect the Prime Minister Koizumi's views to better implement financial policies of his liking.
Mr. Takenaka has been calling for injection of tax money to financial institutions as a member of Council on Economic and Fiscal Policy. And in this sense, I agree with him. Additional responsibilities for Takenaka should make him busier, but with his talent and youth, he should be able to handle the new job.
There was a reporting that the government is considering writing off 10 trillion yen worth non-performing loans (NPLs) during this fiscal year. If this would happen, I think the government would prove itself to have accelerated its policy implementations as initial plan called for writing off of 6 to 7 trillion yen during fiscal 2002.
(About social safety net)
If writing off of NPLs will be accelerated, it will certainly create more bankruptcies and subsequent job losses. I would be happy to see that, as it goes in line with "no growth without pain" policy of Koizumi cabinet, but in such a case, the government should also plan for more tightly woven social safety net.