[ Nippon Keidanren | Press Conference ]

Chairman Okuda's Press Conference

February 23, 2004

Following is the gist of remarks made by Hiroshi Okuda, Chairman, Nippon-Keidanren at a scheduled press conference on 23 February 2004. Translation is rush and tentative, and sequence of the gist does not necessarily coincide with words delivered.

(On outgoing and incoming Vice Chairmen)
Successors will be decided at Chairman and Vice Chairmen's meeting in March or April (Nippon Keidanren's Constitution states that the number of Vice Chairmen be between 10 and 15 and the current number is 15).

(On current economic state and Yen-Dollar rate)
Both sentiment-wise and figure-wise, overall record on Japan's economy is improving, with possible risks such as Iraq issue, foreign exchange rate of Yen, U. S. Dollar, and Chinese Yuan, as well as the state of the U. S. economy. As China's export is increasing and exporting companies are globally diversifying their production sites, it is difficult to imagine that Japan's economy will continue to be export-led.
Recent drop of the Yen must be from demand-supply relationship and trader psychology, and I don't foresee continued fall of Yen. For exporters, it will be most comfortable if the market is stable, while the rate of 105 Yen to Dollar remains a critical value.

(On report Japan's consortium winning contract to develop Iran's Azadegan oil fields)
It is welcomed from the viewpoint of long-term security of energy resources that Japan's consortium won development rights.

(On terror alert)
Countries around the world should unite and be better prepared in their fight against terrorism.


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