Chairman Okuda's Press Conference

May 26, 2005

Following is the gist of remarks made by Mr. Hiroshi Okuda, Chairman of Nippon Keidanren at a press conference following fiscal 2005 general assembly meeting on 26 May 2005. Translation is rush and tentative, and sequence of the gist does not necessarily coincide with words delivered.

(Asked to state expectation for the final year of Chairmanship)

I will make sure that restructuring of Japan's economy to proceed. It is important that Japan reform its social security system by encompassing pension, health care, long term care, unemployment insurance, and how to solicit the money necessary to pay for them while taking a good care of Japan's fiscal health. Additionally, it is important that former Keidanren and Nikkeiren further integrate.

(Asked why Keidanren wants to review Japan's Constitution)

60 years has passed in Japan since democratic Constitution was drafted, and global reality has changed rapidly. There is a need for change. This is the reason behind making our position open in January 2005.

(On bid-rigging on steel-made bridge construction)

It is regrettable. Bid-rigging should not have occurred. Keidanren will keep persuading our member companies to comply with our Charter of Corporate Behavior.

(On reforming Antimonopoly Act)

Keidanren did not refuse to revise the law. Our stance is that a wholesale reform of the law is required before raising maximum levy.

(On Japan-China relations)

I do not foresee cooling down of both political and economic relationship with China. Japan's politicians should discuss with Chinese counterparts frequently to make sure both sides understand the other's intentions.


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