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

(Excerpt)

(Tuesday, June 20, 2023, 9:37 am to 9:46 am)

Q.

The current Diet session will end tomorrow. I have a couple of questions related to that. The bills to amend the Act on the Provision of Financial Services and the Financial Instruments and Exchange Act have been put on hold. What are your views on the prospects for these two bills passing the current session? The bills call for the establishment of an organization to foster financial and economic education and the abolition of quarterly securities reports separately. What the implications will be if the legislation does not pass?

A.

It’s up to the Diet to decide how to manage Diet affairs. As you just said, the two bills drafted by the FSA are unlikely to be deliberated in the current Diet session. This is quite regrettable.
We believe the two bills are significant. They are instrumental in expediting a shift from savings to investment and thus generating a virtuous cycle of economic growth and increases in asset income.
At any rate, it is unlikely that the bills will pass the current Diet session. We hope that the next Diet session, which may or may not be held in autumn, will continue to deliberate them and put them to a vote as promptly as possible for their early enactment and enforcement.

Q.

What do you think the implications will be if they fail to pass the current Diet session?

A.

We will make necessary preparations where possible. The bills are yet to be enacted. While hoping that they will be enacted in the next extraordinary Diet session, we will make preparations in advance where possible. Once they are enacted, we will work to ensure that the legislation is put in force without a hitch.