Japan MOF Names Toyota President, Others To New Adviser Posts

TOKYO March 11, 2004; Miyako Takebe writing for Dow Jones reported that Japan's Ministry of Finance has tapped Toyota Motor Corp. President Fujio Cho and six others to fill newly created policy adviser posts, hoping to benefit from their expertise in the private sector, Finance Minister Sadakazu Tanigaki said Friday.

"I have been worried that the ministry has recently being losing its pipeline with the private sector - with the living, breathing economy," Tanigaki told reporters upon announcing the ministry's list of advisers. "Hearing wide-ranging views and having discussions will help us implement correct policies."

Tanigaki added that such private-sector input would be crucial in helping guide the government as a time when it is pursuing measures - such as large government bond issues and massive foreign exchange intervention - "which would not be taken under normal (economic) conditions."

Others on the ministry's list include former Bank of Japan Governor Yasuo Matsushita, Sumitomo Mitsui Banking Corp. President Yoshifumi Nishikawa, Nomura Securities President Nobuyuki Koga and Mitsubishi Corp. Chairman Minoru Makihara.

Yoshiko Shinohara, president of employment agency Tempstaff Co. and Hiroo Imura, professor emeritus at Kyoto University and adviser to the Foundation for Biomedical Research and Innovation were also named.

The advisers, who will assume their one-year term on April 1, will hold a joint meeting in mid-April, Tanigaki said.

But Tanigaki said that going forward, rather than gather the advisers together for set sessions, the ministry plans to seek advice on a timely basis when necessary. As stated under MOF's guidelines, the advisers will receive remuneration of Y25,200 per consultation.