Chairman Okuda's Press Conference

February 13, 2006

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 13 February 2006. Translation is rush and tentative, and sequence of the gist does not necessarily coincide with words delivered.

(Nominating new Vice Chairmen)

Following are the nominees for new Vice Chairmen. Nominations will be endorsed on May 24 annual general assembly.

Mr. WATARI Fumiaki,Chairman, Nippon Oil Corporation
Concurrently Vice Chairman of the Board of Councillors, Keidanren
Chairman, Committee on the Middle East & North Africa, Keidanren
Mr. EGASHIRA Kunio,Chairman, Ajinomoto Co., Inc.
Concurrently Vice Chairman of the Board of Councillors, Keidanren
Chairman, Committee on Tourism, Keidanren

(Nominating new Director General)

Mr. Yoshio Nakamura, Acting Director General, is nominated next Director General.

(On Livedoor)

Keidanren decided to accept Livedoor's indefinite voluntary refraining from membership activities effective today, for its cooperating towards investigation on Securities Exchange Law, and its reconstructing compliance activities.

(On spring labor negotiations)

Both labor unions and managements should seek independent agreements. However, one must remember that raising salary means weakening international competitiveness.

(On restructuring JBIC -- Japan Bank for International Cooperation)

There are a variety of opinions within Keidanren. The government panel studying economic cooperation is discussing on this issue, and Keidanren will make sure its opinion will be heard.

(On Bank of Japan's policy change)

The timing is nearer, but it is independent from raising interest rates. I have no understanding on how soon interest rates will be raised.

(On the law governing the Imperial Household)

The news of pregnancy of Princess Kiko is heart warming news. There is no need to rushing to conclusion in revising the law.


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