Chairman Okuda's Press Conference

December 5, 2005

Following is the gist of remarks made by Hiroshi Okuda, Chairman, Keidanren at a scheduled press conference following monthly Chairman and Vice Chairmen's meeting on 5 December 2005. Translation is rush and tentative, and sequence of the gist does not necessarily coincide with words delivered.

(On yen-dollar rate and stock prices)

It is difficult to guess on how long the trend of low yen against dollar would last, but performance of exporting companies should improve if it would. It is also difficult to obtain a correct outlook of the stock market, but a series of buying could invite new market entry. It is my wish that Japan would not head back to the stock bubble of a decade ago.

(On new asbestos legislation)

The government should bear more burdens. A rationale must be drawn up if those companies and industries with less involvement must also pay.

(On recent visit to India)

Market potential is huge, and it could become another export base. However, the country lacks infrastructure investments in such areas as road and electricity.

(On membership sanctions)

Voluntary refraining from membership activities by Mitsui & Co. that began on 22 December 2004, would end today. Meiji Yasuda Life Insurance will be sanctioned the same for three months starting today. Ishihara Sangyo Kaisha will be sanctioned indefinitely, until most of its products will be recalled, starting today, for its non-compliance by chemically contaminating its soil-refill product.


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