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Press Conference by the Chief Cabinet Secretary

Wednesday, October 3, 2012 (AM)

Press Conference by the Chief Cabinet Secretary (Excerpt)

[Provisional Translation]


  • The currency swap agreement between Japan and the ROK
  • Japan's energy policy


REPORTER: I would like to ask a question regarding the currency swap agreement between Japan and the Republic of Korea (ROK). Yesterday, the Ministry of Finance notified the Liberal Democratic Party (LDP) task force that the ROK Government has not expressed their desire to continue the extended portion of the currency swap agreement which will expire this month. Could you please tell us where communication between the two countries on this matter currently stands?

CHIEF CABINET SECRETARY FUJIMURA: In October last year, as a part of the Japan-ROK currency swap agreement, the increase was arranged at the request of the ROK Government to ensure stability of financial markets, including the exchange market, as transparency in the global economy was decreasing. This agreement was limited to a period of one year. The currency swap cap was extended from 13 billion US dollars to 70 billion US dollars, and as you know, this agreement will expire in October this year. The future of this agreement will be discussed by the Government as a whole rather than by the Ministry of Finance alone. As this is a diplomatic issue involving the Republic of Korea, I cannot speak any further on the topic. I cannot give you the details of communication with the ROK Government; however the Government is working on the issue with the aim of reaching a conclusion by the end of October.


REPORTER: I would like to ask a question with regard to Mr. Edano's comments made on September 1 when he said that it has not been definitively decided that no nuclear power plants will be operating in the 2030s. Could you tell us if revision of this policy is possible as all policy resources are mobilized while reviewing the policy, and how frequently will you be reviewing this policy?

CHIEF CABINET SECRETARY FUJIMURA: If you had read the Innovative Strategy for Energy and the Environment you would have had a rough idea of the answer to your question. There are various issues including the nuclear fuel cycle, relations within the international community, renewable energy as well as the international energy situation to consider. We are facing various challenges to solve in future and we cannot predict all these issues with certainty. I believe that this strategy has established that it is necessary to maintain a humble attitude and to have flexibility with our forecasts. Therefore, for now, the assessment and revision of the strategy will be completed in line with this strategy while ensuring consistency with other policies such as the Framework for Green Development Policy and Global Warming Countermeasures, which are to be developed before the end of the year. The Energy and the Environment Council will take the lead in constant assessment and revision, and it is expected that the strategy will come under constant revision beginning before the end of the year, and will continue to be reviewed after that.

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