[ Nippon Keidanren | Press Conference ]

Chairman Okuda's Press Conference

March 10, 2003
Following is the gist of remarks made by Hiroshi Okuda, Chairman, Nippon-Keidanren at a press conference on 10 March 2003. Translation is rush and tentative, and sequence of the gist does not necessarily coincide with words delivered.

(On shuffle in Nippon-Keidanren top executives - announcement basis)
The names of should be executives of Nippon-Keidanren in next term starting in May 2003 are as follows:

Chairman
Hiroshi OKUDA
Chairman of the Board, Toyota Motor Corporation
Vice Chairmen
Minoru MAKIHARA
Chairman of the Board of Directors, Mitsubishi Corporation
Akio KOSAI
Chairman, Sumitomo Chemical Co., Ltd.
Akira CHIHAYA
Representative Director & President, Nippon Steel Corporation
Taizo NISHIMURO
Chairman of the Board, Toshiba Corporation
Koukei HIGUCHI
Chairman of the Board, The Tokyo Marine and Fire Insurance Co., Ltd.
Hiroyuki YOSHINO
President and Chief Executive Officer, Honda Motor Co., Ltd.
Fujio MITARAI
President & CEO, Canon Inc.
Masaharu SHIBATA
Chairman & Chief Executive Officer, NGK Insulators, Ltd.
Shigemitsu MIKI *
President, The Bank of Tokyo-Mitsubishi, Ltd.
Kenji MIYAHARA *
Chairman, Sumitomo Corporation
Etsuhiko SHOYAMA *
President and Director, Hitachi, Ltd.
Takashi NISHIOKA *
President, Mitsubishi Heavy Industries, Ltd.
Nobuyuki IDEI *
Chairman & CEO, Sony Corporation
Kunio TAKEDA *
President & CEO, Takeda Chemical Industries, Ltd.
Norio WADA *
President, Nippon Telegraph and Telephone Corporation
Chairman of the Board of Councillors
Yoichi MORISHITA *
Chairman of the Board, Matsushita Electric Industrial Co., Ltd.
Vice Chairmen of the Board of Councillors
Fujio CHO
President, Toyota Motor Corporation
Naoyuki AKIKUSA
President & CEO, Fujitsu Limited
Toshifumi SUZUKI
President & Chief Executive Officer, Ito-Yokado Co., Ltd.
Keiichiro TAKAHARA
Founder, Chairman & CEO, Unicharm Corporation
Takahide SAKURAI
Chairman of the Board, The Dai-ichi Mutual Life Insurance Company
Osamu HIRASHIMA *
Chairman of the Board, Taisei Corporation
Mototsugu ITO *
President and Chief Executive Officer,
Ishikawajima-Harima Heavy Industries Co., Ltd.
Morio IKEDA *
President & CEO, Shiseido Company, Ltd.
Tsunehisa KATSUMATA *
President, The Tokyo Electric Power Co., Inc.
Note:
Title in respective company is as of March 10, 2003.
Asterisk (*) means new to the post.
Official approval is to be made at the annual assembly meeting on May 27.

(On Stock Prices)
Downfall of stock prices seems to be mainly due to external reasons such as Iraq issue. The government and BOJ are required to take every possible measure to stop the freefall when the pricing stays far below 8000 yen. Purchase of ETF and REIT by BOJ is one of imaginable moves.

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