Following is the gist of remarks made by Hiroshi Okuda, Chairman, Nippon-Keidanren at a scheduled press conference following monthly Chairman and Vice Chairmen's meeting on 14 April 2003. Translation is rush and tentative, and sequence of the gist does not necessarily coincide with words delivered.
(On the emergency taxation measures to counter staggering stock prices)
Mr. Yamaguchi of Japan Chamber of Commerce and Industry, Mr. Kobayashi of Keizai Doyukai (Japan Association of Corporate Executives) and I discussed about possible emergency taxation measures to counter staggering stock prices. I foresee irrecoverable damages onto the Japanese economy if current stock market is left unattended. The measures call for further actions on to the fiscal 2003 measures that are already implemented. It must have some impact on the market with the surprise effects. We will work on the measures through the government and ruling coalition.
Measures asked for include: (1) Reduce evaluation for inheritance tax for stocks acquired in fiscal 2003 to the half, (2) abolish income tax and inhabitants' tax for stocks acquired in fiscal 2003, and (3) losses incurred through stock transactions during fiscal 2003 must be allowed to sum up with other incomes including salary. In short, we are asking expansion in tax-free stock transactions to promote individuals to buy more stocks.
(On Koizumi reform)
I have been supporting Prime Minister Koizumi and it will continue. Even though the speed may appear slow, Koizumi administration have succeeded in various deregulation measures and transform postal affairs into the Japan Post. Even though there will be pains and his policies may drift by global shifts, he has been steering this country right within the narrow path.
(Post-Iraq-war affairs)
Japan should offer aid while the way of implementation could vary. Humanitarian assistance and others must go through the United Nations and other international fora, all depending on the fiscal and international consultations. It appears that Japanese companies are able to contribute, if called for, in the areas of reconstruction, through constructions, telecommunications and otherwise.
(On Sunday's elections)
I could feel that ordinary Japanese citizens are losing confidence in existing political parties. To overcome this problem, Japan's political parties must be reviewed and rebuilt. Otherwise the current trend would continue.