(Provisional Translation)
June 29, 2007
Financial Services Agency
Government of Japan

The Financial Services Agency of Japan and the Securities and Exchange Commission of the United States held ''High-Level Dialogue''

1. On June 29, the Financial Services Agency of Japan (FSA) and the Securities and Exchange Commission of the United States (SEC) held the third regular high-level bilateral dialogues (Dialogue) in Tokyo. The FSA Commissioner Gomi and the SEC Commissioner Casey participated in the Dialogue, together with other high-level staffs from both organizations.
   
   (Note) The second Dialogue was held in Washington D.C. in June, 2006.
2. In this Dialogue, the FSA and the SEC discussed various issues, including regulatory discussions concerning increasingly cross-border capital markets, cross-border exchange integration, convergence of accounting standards, and supervisory issues. Through the Dialogue, the two organizations deepened their mutual understanding and enhanced their cooperative relationship.