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

(Excerpt)

(Friday, September 8, 2023, 9:31 am to 9:42 am)

Q.

The G20 Summit will be held this weekend. The Finance Track has discussed a range of issues, and such topics would need to be covered at the Summit. May I ask you, as Minister of Finance or Minister of State for Financial Services, what you expect them to discuss and achieve? The downside risk of the global economy would be on the agenda, I suppose. May I especially ask you what you yourself are concerned about the current world economy?

A.

About the G20 Summit, I understand that what specifically they will discuss is yet to be announced at the moment. Based on what G20 finance ministers and central bank governors have discussed and achieved so far, I suppose, the agenda should include: the impact of the prolonged invasion of Ukraine by Russia on the world economy, challenges to development such as debt problems of developing economies and international health, enhancement of financial systems such as those for crypto-assets and non-bank financial intermediation, and other issues concerning the global economy.
In terms of the current state of the global economy, as the invasion of Ukraine by Russia and the monetary tightening around the world continue, I am aware that downward risks remain.
I expect the G20 leaders to hold constructive discussions about a range of challenges to the global economy and achieve significant results for stable and sustainable growth of the world economy. 

Q.

Let me ask a question about matters coming up in the used car industry. The other day, NEXTAGE Co., Ltd., a company listed on the Tokyo Stock Exchange, announced that at least eight of its employees had been involved in cases of fictitious insurance contracts. Is the Financial Services Agency (FSA) planning to require the company to inspect the matter and submit a report?

A.

Let me talk about what is certain at this moment. I know that NEXTAGE issued a press release. I hear it was September 1.
Generally speaking, when any inappropriate act is found in insurance solicitation by a non-life insurance agent, like the case of NEXTAGE, such as fabrication of insurance contracts, it is necessary for the insurer and the agent to inquire into the facts, examining whether their customers may have suffered anything detrimental to take appropriate action. That is our understanding.
Then, the FSA will carefully review their actions from the standpoint of policyholder protection, and if any problem is found, we will take strict action according to laws and regulations. At the moment, that is what we consider we should do for the case of NEXTAGE.