Following is the gist of remarks made by Mr. Hiroshi Okuda, Chairman of Nippon Keidanren, at a press conference on 27 January 2003. Translation is rush and tentative, and sequence of the gist may not necessarily coincide with words delivered.
(On consumption tax)
What should immediately and definitely be discussed on nation wide is how to change our social security system into sustainable one. Consumption tax hike should never be missed in process of the national consensus building.
Nippon Keidanren's proposal in which consumption tax is simulated to be raised up to 16% was made to trigger the unavoidable debate.
(On revival of financial sector)
At the time, it is hard to say if financial institutions of Japan are on the right track towards complete recovery. Further dropping of prices of lands and stocks could change the banking sector's resuscitation process.
(On inflation target policy)
Considering definition of "inflation", target range and other technical matters, it is not feasible to implement measures other than current quantitative easy money policy of BOJ.
(On next governor of BOJ)
Views on controversial inflation target policy should not be litmus paper to select the next governor of bank of Japan.
(On return guaranteed by life insurance companies)
Guaranteed interest rate should leave up to respective institution's management.
(On energy policy of Japan)
Taking progress of science technology into a good consideration, energy portfolio in Japan should be considered.