Press Conference by SUZUKI Shunichi, Minister of Finance and Minister of State for Financial Services

(Excerpt)

(Tuesday, March 17, 2023, 8:45 am to 8:50 am)
 

[Questions and answers:]

Q.

I would like to ask you about the impact of the Credit Suisse Group's instability on the Japanese economy and financial system as well as measures the Financial Services Agency is taking in response.

A.

We are seeing risk avoidance movements in financial markets, and I understand that authorities in Europe and the US are promptly taking measures to provide liquidity and otherwise prevent the effects of fears of the credit contagion.
Japanese financial institutions as a whole currently have sufficient liquidity and adequate capital, and the financial system overall remains stable.
Nevertheless, the Financial Services Agency is mindful of the various risks that may exist, and will continue to closely monitor developments in domestic and international economies and financial markets and their impact on the stability of the financial system in cooperation with the Bank of Japan and other financial authorities around the world.