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| President and CEO, Tokyo Stock Exchange, Inc. |
As deflation continues to permeate the background of a rough and rigid economic environment, the Japanese economy today is encumbered with rising uncertainty on a variety of fronts. However, Japan remains a very strong nation, and it will overcome these conditions. The Japanese government, planning the economy's revival, continues to promote and execute economic reconstruction and recovery policies.
Long a savings-centered nation, Japan must now adopt an investment-centered approach, and demands are strong for the structural reforms within the securities market that will allow for this change.
In this environment the importance of the Tokyo Stock Exchange's roles as market operator increase, and TSE will pour its energy into displaying the fair-pricing mechanism that is the hallmark of leading securities exchanges. Through investor valuation and selection, and by constructing a market of superior listed companies, we are in a position to greatly advance the reforms of the Japanese economy.
As 2003 settles upon us, we begin the year by continuing our work on investigating and analyzing the appropriate type of corporate governance for our listed companies, which will preserve the trust in these companies. Together with creating policies that increase the attractiveness of our market, TSE will work vigorously toward fuller corporate disclosure through the enactment of mandatory quarterly financial and operational reports, allowing investors to evaluate investments based on more complete information. Throughout the year, to provide to our market users high quality investment products, we will encourage new listings and involve ourselves fully in activities for listed company support.
Furthermore, we will increase our efforts to encourage market participation among a wide variety of investors. By increasing the understanding and knowledge of our market and listed products therein, we will create an environment where investors can comfortably and assuredly invest in our market. As a self-regulatory organization, we will preserve our markets' fairness and reliability, while maintaining the high-quality market surveillance and inspection for which we are known.
As global competition among markets expands, we must secure the standing of the Japanese capital markets within the Asian region and in world capital markets as well. TSE will therefore work not only for its own development and growth but for the development and growth of Japan's entire securities market.
Last year TSE announced its plan to list its stock in the 2005 fiscal year and worked tirelessly to create more efficiency and lower operational costs within its organization. As we continue our work to realize this listing, we greet a very important year in 2003.
With the combined strength of TSE's employees we will increase our sources of revenue, strengthen our financial base, provide a market of increased liquidity, fairness, reliability, and trust, and advance our construction of TSE as a Global Financial Exchange. In closing I ask for your support and cooperation as we begin what promises to be an arduous yet fulfilling year for the Tokyo Stock Exchange.
Masaaki Tsuchida
President and CEO
Tokyo Stock Exchange, Inc.
