The Japan Financial Services Agency published an English summary of Finance Minister Katayama’s post-Cabinet press conference, covering the Cabinet decision to submit the FY8 budget proposal to the National Diet and his stance on recent market-conduct cases involving securities firms. On the budget, the minister reported that the Cabinet decided to submit the proposal to the Diet and referenced the Prime Minister’s call for cross-party cooperation to secure passage as soon as possible. He declined to comment on the likely timing of enactment, noting that deliberation of the budget and related bills, including the tax reform bill, is a matter for the Diet, but said the government would seek cooperation to avoid disruption to people’s lives and aim to complete the process within the fiscal year. Asked about reports that Mizuho Securities is under investigation by the Securities and Exchange Surveillance Commission and that directors at Mita Securities were accused of insider trading, he said he does not comment on individual investigations. He characterised recurring scandals as unacceptable in light of the authorities’ investor-protection role, while adding that the Oversight Committee would work on laws and regulations to help prevent recurrence.

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