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1 Office in charge: Minister s Secretariat Government Financial Institutions Division Appropriate and efficient management of government financial institutions, etc. must be ensured. Policy 7-1 about the If policy-based finance is to function properly, it is important that government financial institutions, which are the bodies in charge of such finance, be operated appropriately and efficiently. Taking into account a change to a new system in October 2008, the MOF will continue to make precise responses in terms of both quality and quantity to needs of the Japan Finance Corporation as necessary based on economic trends, while also conducting a sustained review of the JFC s operations from the standpoint of complementing private enterprise. Furthermore, the MOF will implement measures needed to establish the Japan Bank for International Cooperation, which is a division of the Japan Finance Corporation, as an independent policy finance institution and reinforce its functions in order to more effectively support initiatives by private enterprise with regard to overseas undertakings that are important in maintaining and raising the international competitiveness of Japan s industries. With regard to the Development Bank of Japan Inc. and other institutions scheduled to become fully privatized, the MOF will take appropriate steps to enable their smooth transition to full privatization. Moreover, as the ministry in charge, the MOF will conduct effective and efficient audits in collaboration with the Financial Service Agency and concerned ministries and agencies in order to ensure soundness in the financial affairs of government financial institutions and their appropriate operation. In order to solidify the economic recovery, the MOF continued to implement measures incorporated in successive economic policies in FY2010. At the same time, it worked to ensure unhindered cash flow for small and medium-sized enterprises by securing guarantee and credit facilities to a total of 14.8 trillion yen (11.7 trillion yen in refinancing guarantees and 3.1 trillion yen in safety-net credit) as part of emergency comprehensive economic countermeasures to combat the strong yen and deflation based on recent economic and employment conditions. Furthermore, looking at the Japan Bank for International Cooperation, which is a division of the Japan Finance Corporation, the government submitted the Japan Bank for International Cooperation Bill to the National Diet on February 25, 2011, for the purposes of reinforcing JBIC functions and separating it from the Japan Finance Corporation. In addition, to ensure soundness in the financial affairs of government financial institutions and their appropriate stance, the MOF worked in close collaboration with concerned ministries and agencies to conduct audits focused on certain aspects of the operations of audited institutions, and it continued to conduct effective and efficient audits by, for example, implementing audits utilizing information in reports that supervising departments received from audited institutions. Thus, achievements in this area were rated A: Considerable progress toward accomplishment. In order for policy-based finance to function precisely, government financial institutions, which are in charge of policy-based finance, must be operated appropriately and efficiently. Thus, this policy must be implemented. The MOF is working to efficiently implement audits of various institutions by working closely with concerned ministries and agencies to conduct audits that focus on certain aspects of the operations of audited institutions. In order to solidify the economic recovery, the MOF is continuing to implement measures incorporated in successive economic policies in FY2010. At the same time, it is working to ensure unhindered cash flow for small and medium-sized enterprises by securing compensation and credit facilities to a total of 14.8 trillion yen (11.7 trillion yen in refinancing guarantees and 3.1 trillion yen in safety-net credit) as part of emergency comprehensive economic countermeasures to combat the strong yen and deflation based on recent economic and employment conditions. It is also striving to contribute to sound financial affairs and improved management systems in various institutions by, for example, implementing audits in close collaboration with concerned ministries and agencies, requesting that audited institutions submit improvement reports on items uncovered in them based on audit results, and confirming their responses while also conducting hearings with them. The MOF will continue to make precise responses in terms of both quality and quantity to needs connected with policy-based finance. It will also continue to conduct effective and efficient audits in close partnership with concerned ministries and agencies, and, based on the results, strive to ensure soundness in the financial affairs of government financial institutions and improve their operation. Policy Speech by Prime Minister Yukio Hatoyama to the 174th Session of the Diet January 29, 2010 Speech on Fiscal Policy by Minister of Finance Kan at the 174th Session of the National Diet January 29, 2010

2 Office in charge: Minister s Secretariat Government Financial Institutions Division Manage the sound operations of the earthquake reinsurance. Policy 8-1 about the Earthquake reinsurance is established as a policy goal to help people who suffer from earthquake damage regain stability and normalcy in their lives. In order to realize this goal, the MOF will appropriately and soundly operate earthquake reinsurance in the earthquake reinsurance special account. The MOF is conducting public relations activities in an integrated manner for the purpose of promoting participation in earthquake insurance schemes. Its activities here include providing advice to insurance companies, with focus on regions in which diffusion is lagging, in the interest of promoting the schemes efficient and effective diffusion. At the same time, the MOF is conducting inspections of non-life insurance companies to ensure sound management of the government s reinsurance scheme. When doing so, it is also asking them to further promote the diffusion of earthquake insurance policies. Earthquake insurance s diffusion rate rose 0.5 points compared to the previous fiscal year and its attachment rate rose by 0.7 points compared to the previous fiscal year. Moreover, the MOF conducted earthquake insurance inspections at five companies. Thus, achievements in this area were rated B. Progress toward accomplishment. The earthquake reinsurance scheme is a program under which the government provides reinsurance so as to bear a portion of the responsibility undertaken by private non-life insurance companies. When earthquake-caused damage is great and claims exceed a certain amount, it becomes difficult for private non-life insurance companies to pay insurance alone. The earthquake reinsurance scheme is a mechanism through which the government pays reinsurance money to cover the excess amount. Thus, it is an essential system that helps people who suffer from earthquake damage regain stability and normalcy in their lives. The MOF is striving to efficiently diffuse earthquake insurance by providing advice on advertising activities conducted by the non-life insurance industry and working together with the industry to engage in integrated public relations and advertising. Important factors behind appropriate and sound operation of the earthquake insurance scheme are efforts to increase the number of earthquake insurance policyholders and to stabilize insurance groups. Consequently, in the interest of effective diffusion, the MOF is raising diffusion and attachment rates compared to the previous fiscal year by implementing integrated advertising with the non-life insurance industry. Furthermore, the MOF is asking non-life insurance companies to further promote the diffusion of earthquake insurance when it conducts inspections of them. The MOF will engage in integrated advertising by offering advice, etc., to the non-life insurance industry and will continue to actively engage in advertising that captures the attention of a broad section of the public in order to promote purchases of earthquake insurance. At the same time, the MOF will seek to conduct inspections of at least five non-life insurance companies that provide earthquake insurance in order to ensure sound management of the government s reinsurance scheme. The MOF will seek to expand diffusion of earthquake insurance when conducting inspections of targeted non-life insurance companies.

3 Office in charge: Budget Bureau Create and manage the stable and efficient national public service personnel mutual AID system, etc. Policy 9-1 about the The MOF will respond appropriately to reforms of the pension and medical insurance systems in the National Public Service Mutual Aid Association Scheme, and will ensure appropriate management of undertakings under the scheme, including welfare projects. From its position as the ministry in charge of the national public service mutual aid pension plan, the MOF is promoting study of a new pension plan in collaboration with concerned ministries, developing ministerial ordinances to coincide with the implementation of social security agreements with Spain and Ireland, and appropriately maintaining the National Public Service Mutual Aid Association Scheme in line with other revisions to the social security system. Moreover, the MOF is responding swiftly and appropriately to the Great East Japan Earthquake by, for example, working to lessen the burden of association members that were affected by the earthquake and supporting victims. Consequently, achievements in this area were rated B: Progress toward accomplishment. The National Public Service Mutual Aid Association Scheme is a social insurance system intended to contribute to the improved living stability and welfare of national government employees and their surviving families and to efficient execution of the duties of national government employees. Thus, in line with these objectives, it is important to build and manage a stable and efficient national public service mutual aid system. In collaboration with concerned ministries and agencies, the MOF was largely successful. In addition to studying new pension plan, the MOF is making a contribution toward achieving the goal of creating and managing a stable and efficient national public service mutual aid system, etc., by, for example, responding to social security agreements and other revisions to the social security system as well as the Great East Japan Earthquake. From its position as the ministry in charge of the national public service mutual aid association scheme, the MOF will proceed with studies within the process of discussing social security reform based on the measure titled Pursuant to the Promotion of Social Security Reform (Cabinet decision of December 14, 2010) with concerned ministries. The MOF will also respond to social security agreements with other countries that are expected to be concluded in the future. Policy Speech by Prime Minister Yukio Hatoyama to the 173rd Session of the Diet October 26, 2009 Policy Speech by Prime Minister Yukio Hatoyama to the 177th Session of the National Diet January 24, 2011 Pursuant to the Promotion of Social Security Reform December 24, 2010

4 Office in charge: Financial Bureau Ensure the appropriate management of the operations and organization of the Bank of Japan. Policy 10-1 about the Based on the Bank of Japan Act, the MOF will work to ensure appropriate management of the Bank of Japan s operations and organization by authorizing its budgetary expenses and approving its financial statements, etc. In FY2010, as in other years, the MOF approved the financial statements of the Bank of Japan to ensure that they are processed appropriately in line with laws and ordinances. It also authorized the Bank of Japan s budgetary expenses to ensure its appropriate and efficient operational management. Because such results toward achieving the goal were obtained, achievements in this area were rated B: Progress toward accomplishment. The MOF must work to ensure the appropriate management of the Bank of Japan s operations and organization by authorizing its budgetary expenses and approving its financial statements in order to guarantee the public nature of the Bank of Japan s business and property. The MOF is working to ensure the Bank of Japan s efficient operational management by authorizing its budgetary expenses, etc. Through approval and authorization procedures based on the Bank of Japan Act, the MOF is working to ensure appropriate management of the Bank of Japan s operations and organization. Recognizing the public nature of the Bank of Japan s business and property, the MOF will continue to work to ensure that the Bank of Japan manages its business even more properly and efficiently.

5 Office in charge: Financial Bureau Promote the sound progress of the tobacco and salt industries, and ensure their appropriate management. Policy 11-1 about the In tobacco business, public demand for prevention of under-aged smoking and other issues is rising amid a trend toward regulation of tobacco that is represented by the WHO Framework Convention on Tobacco Control s coming into effect. And in salt business, the government is reducing its participation to the minimum degree necessary based on a shift toward a generally free market structure. Thus, the MOF will plan and formulate policies based on these circumstances. The government set the introduction of age-verifying vending machines as a permit condition for tobacco retailers to ensure that such vending machines would be introduced steadily nationwide. Against this backdrop, the MOF implemented approaches toward preventing under-aged smoking, among them the application of penalties based on the Tobacco Industries Act against retailers who violated the condition. Moreover, looking at correction of retail shops that had not introduced age-verifying vending machines one of the performance indicators mentioned below that had yet to be achieved corrections were made at all of the 14 shops that had not introduced such machines at the end of FY2009 during FY2010. It should be noted that 11 shops that had failed to introduce such machines at the end of FY2010 were newly identified through a repeat onsite survey by local finance bureaus conducted in FY2010, and that the MOF is already moving forward with procedures toward correction. As for review of the salt reserve of the Salt Industry Center of Japan, the MOF revised the 100,000-ton reserve to 20,000 tons following deliberation in a tobacco business subcommittee of the Fiscal System Council that took place on December 10, The MOF sold assets of the Salt Industry Center that became unnecessary as a result of this revision, which generated approximately 40 billion yen that the MOF returned to the national treasury and calculated in the general account s revenue budget for FY2011.In addition, the MOF is providing reserve salt based on a salt supply order that the Minister of Finance promptly issued in response to the Great East Japan Earthquake and Because the other performance indicators were achieved, achievements in this area were rated A: Considerable progress toward accomplishment. Public demand for prevention of under-aged smoking is rising amid a trend toward regulation of tobacco that is represented by the WHO Framework Convention on Tobacco Control s coming into effect. And in the salt business, the government is reducing its participation to the minimum degree necessary based on a shift toward a generally free market structure. The MOF is expected to plan and formulate policies that are based on these circumstances. The standard processing period achievement rate pertaining to the approval of manufactured tobacco retailers came to 99.6%, and all processing pertaining to the registration of salt manufacturers was conducted within the standard processing period. The MOF s accurately ascertained the situation surrounding shops that had not introduced age-verifying vending machines and made introduction a condition for permit authorization as part of its surveys on introduction of such machines and issuance of improvement instructions that targeted tobacco retailers. As a result, corrections were made at all of the 14 shops that had not introduced such machines at the end of FY2009 during FY2010. It should be noted that 11 shops that had failed to introduce such machines at the end of FY2010 were newly identified through a repeat onsite survey conducted in FY2010, and that the MOF is already moving forward with procedures toward correction. The MOF will continue to strengthen initiatives toward preventing under-aged smoking, including taking appropriate steps to prevent minors from purchasing tobacco from vending machines and demanding thorough confirmation of age in over-the-counter sales. At the same time, the MOF will work to ensure appropriate operation of salt business by, for example, surveying and announcing salt supply/demand forecasts and salt supply/demand performance; authorizing the operational regulations, business plans, and income/expenditure budgets of the Salt Industry Center of Japan, which engages in the business of supplying household salt; and coordinating the work of salt business registration and notification that is handled by financial bureaus (offices) and customs offices.

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