November 19, 2017

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FCCJ Press Conference by Yuriko Koike: The State of the Governor’s Administration and What Lies Ahead

Moderator: Good afternoon. Ladies and gentlemen. My name is Khaldon Azhari. I’m the President of this club and I have the great honor to moderate this event today. And our guest speaker today is very well-known Ms. Yuriko Koike, the Governor of Tokyo has been here in the club before few times and she has returned as the speaker and we thank you very much for that. At the very right of the table is Mr Greg Clark and he is the vice president and his left is Mary Joyce. She is our interpreter today. Although we have English speaking sometimes Japanese. There is no need to introduce our speaker. She is well-known she made a record in Japan. I remember two records. The first is she is the first female to become  Foreign Minister or Defense Minister. She also was a candidate to be Prime Minister. This might be the third record, the second record is when she was the first female to become a governor of Tokyo. And I remember her activity when she was Environment Minister. She made an initiative to link Japan and Middle East. In this regard we all know Koike san she speaks Arabic. I wish I could moderate the event in Arabic, but our club uses English as our official language. Ladies and gentlemen, we will have the press conference today one hour. There will be first 30 minutes presentation. That will be followed by your questions. Without further ado, ladies and gentlemen, please welcome our speaker, Governor Yuriko Koike.

Yuriko Koike: Thank you. Mr. Azari for nice introduction. Thank you all for taking time to attend today. It is about a year ago, more precisely this is thirty three, sorry, three hundred  thirty seventh day since I was invited last time. I calculated. It is about a year ago when I had the opportunity to address you here and I am so grateful to be back here. Let me sit down. Now last time I spoke about my responsibilities towards the 30 million citizens of Tokyo in my role as governor. I also outlined my obligations regarding the Tokyo 2020 Olympic and Paralympic game events that will focus the world’s attention on Japan. About one year has passed since I was given the great responsibility of governing this wonderful city. That tremendous sense of responsibility has continued to grow and I am truly honored to bear it. Let me manage it first. Haha. Now I spent my inaugural year planting the seeds of change. This coming year I believe that we will see these seeds sprout and begin to grow. Over the past year I have worked to enact a grand reform of Tokyo by putting Tokyo’s citizens first and increasing information disclosure and government transparency as well as through the concept of wise spending, all in my quest to realize my vision of a new Tokyo.

This new Tokyo will be a city that provides peace of mind, hope and active lives for all. A sustainable city that continues to grow and an engine that drives the growth of Japan. This is my new Tokyo. Looking at the world, we see a climate of instability unfortunately from Brexit and the US leaving the TPP and Paris agreement, to the rise of terror and North Korea’s missile tests. In these uncertain times, I hope to make Tokyo a model of a developed society and put our city at the forefront of Japan’s sustainable growth. Earlier this year, I was delighted that Monocle magazine selected Tokyo as the world’s most livable city for the third consecutive year. It is very encouraging for Tokyo to receive this recognition and we hope it serves to attract even more individuals and international companies to our city Tokyo. It was also an honor for Tokyo to be elected Condé Nast Travelers and Readers’ Choice Awards.  A best known American city in the world for the first time ever. We recently created a new logo and slogan Tokyo Tokyo old meets new. You can find some items here. Please have a look of this movie. (movie plays)

-A movie about 20 seconds where a young Japanese woman in Kimono writes the words Tokyo doing calligraphy with a huge brush and a robot writing the same words Tokyo on a giant white paper on the floor.-

Thank you very much. So you can find a batch with a magnet, memo for your interview and for your article, pens and many other things. Also you can find a new magazine in English and I think this is well edited. Also this is a brochure for Tokyo 2020 and many others. Now you have a ticket for the Olympic games.

– Audience laughs.-

Too early.

So this new logo and slogan present the name of our city in tradition brush drags and model font conveying how Edo era traditions thrive alongside culture of innovation.I am not sure if you have noticed but between the two words in a traditional stamp depicting our famous Shibuya crossing. We would love for visitors from around the world to come to this wonderful city for both pleasure and business. Now my administration will build on our city’s strength to create a new Tokyo that is three cities in one. A safe city where people feel more secure more at ease and can live more vibrant lives. A diver-city or a diverse city where everyone can live fulfilling lives and actively participate in society. Third, a smart city that is open to the world and is a leader in the fields of the environment, international finance and business. In December of last year, we formulated the action plan for 2020 and today I would like to share with you the progress we have made and our plans for the future. First we are implementing safe city initiative that include creating a Tokyo that is resilient to earthquakes and other natural disasters. As you know, Tokyo is a home to mass of utility poles and overhead wiring.

In June this year, Tokyo Metropolitan Assembly passed a bill that will make us the first prefecture to begin efforts to eliminate utility poles. I think last time when I was invited to this club, I have mentioned about this issue and after some months, now the regulations was formulated at the Metropolitan Assembly. What a progress! Don’t you think so? These poles could potentially fall and block roads during earthquakes. Removing them would not only make a city more beautiful but importantly also increase disaster preparations. It is also vital to have leadership that considers the perspective of women in the event of disasters. We must provide designated areas for women to change clothes and breastfeed infants. We would like to develop female disaster leaders in Tokyo. We also plan to produce a new disaster preparedness brochure that reflects the needs and perspectives of women in order to further establish our safe city. Next is diversity. Our diversity will be one which men, women, children, seniors, people with disabilities, members of the international community and the LGBT community can realize their potential and lead more fulfilled lives. We must also overcome the challenges of our aging population and low birth rate by creating an environment in which people can continue to work while caring for young and elderly family members. For example last October, we opened a nursery school at the Tokyo Metropolitan government building. It was designated to serve as inspiration for establishing day care centers and workplaces across Japan. The era in which international competitiveness was achieved thoroughly through male centered long working hours is over. Both men and women need to work smarter, and increase productivity. They should place a greater value on the time spent with family and on personal development. I take the idea of work-life balance a step further placing priority on life and coming the phrase life-work-balance rather than work-life balance. I believe that work style reform is a key to achieving this balance. That is why my administration is working to promote adoption of teleworking. Accordingly we launched Tokyo telework center last month to help businesses understand the benefits of implementing remote work practices and dispatch consultants to interested companies. I think there is no need to dispatch any consultants to this club, because many of you are working while using the teleworking right? Long working hours and packed commuter train has been associated with Tokyo since the country’s rapid economic growth decades ago. In order to address these issues, I am introducing Jisa Biz, a movement to stagger work schedules to reduce congestion during rush hour this year. For two weeks from July 11th, I campaigned for businesses and railway operators to adopt telework practices and flex time and incentivize of big trouble. Initiatives such as Jisa Biz are not new to me. When I was Minister of Environment, I proposed and let what became the Cool Biz campaign, which has been adopted all over Japan. Cool Biz has reduced energy consumption by making it the norm for workers to shed their jackets and ties during summer. I will work to ensure that our new Jisa Biz initiative takes off in the same way. Finally, we will further promote Tokyo as a smart city. We will pursue green initiatives and sustainable economic growth by harnessing leading edge technologies.

Now allow me to explain our efforts in promoting an LED movement, which we introduced last month. I asked famous Pikotaro. I think all of you know about him. He helped…

Could you play the video?

-A video where Koike and Pikotaro holding light bulbs in both of their hands are being played.-

I asked Pikotaro’s help in creating a video to promote energy saving LED light bulbs. As part of this campaign people can go to participate in appliance stores to exchange two or more regular balls for one LED bulb replacing. One million sixty watts bulbs with LED models will reduce carbon footprint by forty four thousand matrix every year. We can achieve quite a lot when everyone pitches in just a little bit. I also believe that promoting CO2 to neutral hydrogen as an energy source can become an essential part of international efforts to combat global warming and our growth strategy going forward. For instance, Tokyo has recently added hydrogen fuel buses to its city fleet and in March of this year, became the first city in Japan to begin operating commercially available hydrogen fuel buses on regular routes.

My administration aims to have a 100 of these buses in operation by 2020 games when the games start. And I am committed to making progress in environment, social and governance or esg standards. We plan to issue 20 billion yen in Tokyo green bonds this year to fund efforts to resolve Tokyo’s environmental challenges. We also plan to establish what we are calling the Tokyo financial awards to recognize businesses that provide products and services that foster that ESG investments. Both domestic and overseas enterprise are eligible for this program. It is through such initiatives that we intend to resolve a number of social issues. Producing finance, the IOT are Internet of things, AI and Fintech should be the center of our economic growth as Japan’s population declines. Our goal is to create a more vibrant living and working environment to attract even more businesses and talent from overseas. We are aiming to create a Tokyo where business is easy to do and where people can live comfortably. In order to create an environment in which international companies can more smoothly build their businesses in Tokyo, we have set up the Tokyo One-Stop business establishment center in Akasaka to help start up companies and international businesses achieve their goals in Japan. Branches in Shibuya and Marunouchi have also been opened in recent months.

Additionally through special economic zones in Tokyo, we are promoting programs to accept international housekeeping personnel to be employed global business persons.

Within Tokyo special zones, we are also working to attract international schools with high level programs as well as to provide health care services to patients from around the world utilizing the special provision for doctors from overseas to practice.

Furthermore, we will continue to develop urban infrastructure. On July 21st, together with the national government and the Metropolitan expressway company we announced that we will make efforts to move the highway above the famous Nihonbashi bridge underground. While I drive to make Tokyo’s governance more visible to the people, I believe much of the city’s infrastructure should be invisible, like the electric cables that I spoke of a moment ago. The same goes for the highway above Nihonbashi. I am convinced that this move will help to turn Tokyo into a city befitting truly international financial hub. So why not Tokyo? In fact this March we placed an ad asking just that question in the New York Times inviting people from across the world to this exciting city. The ad depicts our famous Shibuya crossing calling businesses and individuals to our great metropolis. Maybe our next ad on your paper. I will think about it.  Now three years from now, the Tokyo 2020 games will be in full swing.

In June we launched the host city Tokyo project to bring together all viewers the TMG for the Tokyo 2020 games. This has to create momentum for Tokyo 2020 showcasing Tokyo’s charms, reconstruction and disaster prevention and the environment and advancing technology. One reason the London Olympics was said to have been such a success was the tourists continue to increase even after the games ended. Therefore, it is important that we sustain efforts to attract tourists and investment in Tokyo following the Tokyo 2020 games to increase its value as a city. Legacies of the 1964 Tokyo Olympics, including the Metropolitan expressway, the bullet trains that went into service at that time and subsequent growth of Tokyo and Japan’s economy. I hope that the second Paralympics and Olympics to be hosted in Tokyo will leave their own kind of legacy ushering in a culture of kindness and consideration throughout the city. What sort of society might such a culture create. To find out myself I used a wheelchair on the sidewalk that is not barrier free. I was frightened by the slightest slope and I was unable to negotiate even small steps. That is why I want to eliminate uneven paving of Tokyo’s streets and make them accessible and welcoming to much the hospitality provided by the people of this great city. So my belief is that putting more weight to the successful Paralympic games is much more important than the usual Olympic games success. I also intend to make Tokyo smoke free by 2020 preventing passing smoking indoors at work and public spaces in hopes of promoting health of our people.

-Audience applauds.-

Finally. One of the initiatives we are currently pursuing with the Tokyo 2020 organizing committee is the Tokyo 2020 medal project. This is a program to collect outdated or broken cellphones, or small digital cameras and other small electronic devices to be recycled into the medal that will be awarded to the athletes at the Tokyo 2020 games. With this our aim is to produce over 5000 medals through what we call an urban mine. Now looking forward toward the 2020 games, in my second year as governor I will accelerate reform to make Tokyo an even more vibrant metropolis with even greater assets. In an increasing uncertain world, I have to enact reforms here in Tokyo that will have ripple effect throughout Japan and will benefit the world. Thank you very much for your time.

Moderator: Thank you very much, governor Koike for your presentation. Thank you for your promise to advertise our magazine, Ichiban Shimbun.

I would like to open the floor to your questions and I would like to  in the beginning to accept only one question from journalists and we start with our working journalists. Please raise your hand and proceed to the front mic. Anthony. Anthony first. Yes.

Anthony Rowley Singapore Business Times. Madam governor. I know you are placing very high priority on boosting Tokyo’s role as a global financial center. And you’ve held a number of meetings I know with representatives of the financial community. On the basis of those meetings what is the principle and main barrier for Tokyo becoming international financial center?  How high on that list is the English language ability or non-English language ability in Tokyo? Thank you.

Governor:  Let me answer your question in Japanese. Please allow me to do so. Thank you very much for the question  in regards to the barriers in place preventing Japan or Tokyo from becoming the full global financial hub which it is aiming and how to read this. I believe that there are several factors related to this, first as you mentioned the language barrier issue and the fact that Japanese is still the dominant language here in Tokyo and the second point is in regards to tax related issues. Corporate tax here in Tokyo is relatively high and also issues of inheritance tax. There are various reforms being put in place. However, it has been pointed out that perhaps they are not yet sufficient or not yet as much as would be needed. Also in regards to the living environment here in Japan in Tokyo. We are at the moment for example taking some initiatives such as  preparing more international schools and areas of Toranomon or Yaesu in central Tokyo to provide these kinds of services. Also looking at how to provide multilingual services in central hospitals in Tokyo is also an issue which we are now working on. So the issue of the Japanese language here in Tokyo is often pointed out. One of the other initiatives that we are undertaking in order to resolve this is looking at how to have signage available in more languages. However, of course when we consider that how many coming to Tokyo are from countries such as Myanmar or Uzbekistan, of course it would not be possible to provide signage in all of their languages. In the languages of each of the countries of the visitors who are coming to Tokyo. I believe that the tool can resolve this issue is information technology for example looking at how to introduce smart phones applications which could provide the navigation services in their various languages for example. One way to resolve this language issue. However when we consider real charm of Tokyo is global it is the fact that while it is such a crowded and vibrant city together at once and of course it is also the home to the delicious sushi that you can find anywhere in the world. So I hope that you can perhaps mention or appeal to many visitors from Singapore to encourage them to come to Tokyo.

Ursula Hyzy with international AFP news, L’Agence France-Presse.Thank you Madam governor. My question about the Olympics, Paris is said to become the next Olympic city after Tokyo. Maybe a short reaction from you about that. What would be your advice for Paris as a successor city? What experience have you drawn for the preparations as the preparations for Toyko are well underway?

What things would you advise from that? What have you learned from what we now know as consequences on the Olympics in Rio and how to contain costs and how to also make the city accessible to handicapped people? Paris, I think, would have a problem with that. Thank you.

Thank you very much in first of all in regards with the news that it has been largely confirmed that the Olympics after Tokyo, the 2024 Olympics will be held in Paris I would like to express my congratulations to the people of Paris and France for that point. Of course here in Tokyo, we are in the midst of the preparation 2020 games and from now we will be entering a  phase where construction of the various new venues for the Olympics will also be speeding up from. I have heard that in the case of Paris many of the venues which will be used are actually already existing venues I believe this is a correct judgement and something that will be useful in reducing the costs of Olympics holding in the city. Particularly in regards to the post Olympics costs by using venues which are already in existence which will help to support the reduction of the costs for after the games are held. This is an example of the wise spending which I mentioned. In the case of Tokyo of course we have the situation where many new venues have been or are being built for the 2020 Olympics. Therefore, we now have the questions requiring consideration for how to utilize these venues after the games post 2020. There are various examples from Rio de Janeiro or other host cities of the Olympics. And I believe that it is necessary for us to be learning from these various cases which are existing. In Tokyo’s example, we are considering in regards to the new venues to be constructed how to work together with private management or operations for some of these venues to utilize them wisely. For example, looking at the issues of naming rights or  concessions in relation to how to utilize the venues as well. I believe that also 2024 in Paris will be the 100th anniversary of the Coubertin so I would like to express that this is indeed a double pleasure or honor for the city to be hosting in that particular year. And the other issue in regards to efforts which would be required to be made is of course the case for both Tokyo and for Paris, but to ensure that the host city can be a safe city for the time of the Olympics. This is also a key point.

Governor: May I add?

And to add one further point in regards to this and you mentioned about the issue of people with disabilities and accessibility for the city, as I mentioned during initial remarks I believe  the that success of the Paralympics is really the key to the success of the overall games here. In the case of Tokyo and Japan we of course do also have an aging society and it is clear that there will be more and more people who will be  requiring the use of wheelchairs and crutches and other support and so on in the coming years as well. Therefore, looking at how to prepare for this aging society which will be coming to Tokyo and Japan is also a key aspect for the preparation for the Paralympics itself. I hope that this can be the case for Paris. Of course the case for Paris as a city being created and present for making centuries as a full and developed city, however it may be difficult to add new aspects in some regards to this. However, the challenge of the aging population or of the city itself is a common challenge to all developed countries will be facing  from now. So this is also requiring serious thought and consideration. In the case of Tokyo we take the Paralympics as an opportunity to prepare for these coming challenges and how to make the city fully accessible to people with disabilities orand other special needs.

Richard Susilo: Madam governor, I believe last week you meet the governor? 

Moderator: Your name.

Oh. Sorry. My name is Richard Susilo from Indonesia. Last week you met our governor from Jakarta. After that I walked around at your office in Tokyo. I found something very interesting, so very surprising. Very close to your office there is a small street between Shinjuku Chuo Koen and Kenketsu Tomin Hall. There is a small road and between this road and there is a bridge_____over there. There are a lot of homeless over there. I asked them they were not there for only one to three months, but years ago. So how come it happens at this place very close to your office and would you like to resolve this problem?Thank you.

Governor: In the case of Shinjuku and homeless people living in that area there are certain particular locations where homeless people tend to be residing is the areas where for example they can shelter from the rain or weather conditions and there are also  some individuals are living in these locations for long term period. In regards to the measures to support this, we are of course as the metropolitan government and in cooperation with various other parties working to support their living or livelihoods as well. However, I believe that while I do acknowledge the existence of such homeless people living in our city, If we were to compare with the number of such people in other countries or cities,  for example we will find that they are relatively fewer such people in Tokyo compared to internationally.

Thank you Khaldon. Our governor Koike. Haruko Watanabe HKW Media Report. Congratulations governor Koike. I think majority of men and women in Tokyo are very proud of you and very happy. But unfortunately there is about 40 women plus their relatives are very unhappy, because they would like to remain in Tsukiji. They organize Tsukiji Okamisan kai, and fight and campaign against relocation from Tsukiji to Toyosu. And they said if the people from all over the world come to Tsukiji for sushi, they will find nothing but chushajo ( parking space). That makes them very unhappy. But their administration and management of Tsukiji group has signed the contract already. But how can you or your government can persuade those Okamisan to move from Tsukiji to Toyosu happily? Thank you.  

Thank you for the question. In regards to the Toyosu relocation of the Tsukiji fish market, this is something which has been decided and of course after going through several thorough environmental assessments and also some further measures to come from now. The current plan is for the location of the current Tsukiji market to be used for a car park which will provide 4000 parts to be used for vehicles coming to the 2020 Olympics. Further than this it will also be used as a location to create a road which will be connect the athletes village to the central part of Tokyo, so these are the two of the infrastructure aspects which are required for the development for the Olympics. For this reason we are in a situation of asking for the cooperation of those people who are at Tsukiji now for this. The relocation was initially decided much earlier, however it takes some time to confirm the full safety of the new venue. However, this has been confirmed now and the relocation will be going ahead. Of course there are several ideological issues which are present in relation to this. Particularly in the case of Tsukiji, many people have great or deep affection for Tsukiji as a place and it is important. It will be vital to maintain the legacy of Tsukiji from now as well. Of course, if Tsukiji were to become just a normal place which was covered with normal buildings or normal apartments and so on. This is not something that anybody would be pleased about. This would not make anybody happy. It would be incredibly mottainai or a real waste well to make zero this history that the Tsukiji fish market has. However, first of all we do need to ask those people from the fish market to relocate to Toyosu considering the situation of the current building of the market which is 80 years old and also it has issues with rats and so on. To construct there within these situation is physically not be feasible. Therefore, we are asking for the cooperation for the relocation in order to go through with this development.

Governor. My name is Daniel Hurst. I am a  freelance journalist currently writing for The Times. The 2020 Olympics and Paralympics will coincide as you know with the next governor election for Tokyo. Are you looking at ways possibly to slightly extend your term so there is no clash there? Do you intend to run again for Tokyo governor? I know it’s early. And while we are talking about 2020, that’s the deadline that Prime Minister Abe has set for revising the constitution. Do you think that’s a good time frame to be looking at such a controversial issue?

Thank you very much for your question. I’m very busy with daily operations of running the metropolis of Tokyo. Therefore, I don’t have any time to think about my personal issues, but thank you for your question.

Martin Koellings with German FinancialDaily Handelsblatt. You did something here in Tokyo that on a regional scale what President Macron, French President Macron did on a national scale. You won with a newly found party. What does this phenomena say about the political situation at the satisfaction or dissatisfaction of Japanese with the current political system that you could basically do the same thing that Macron, President Macron did in France. What will this say for the future of political parties in Japan?

Koike: Thank you very much for the question. As you mentioned about the election of Mr. Macron in France. Particularly looking at how he went to create a new political party in France from his time as Finance Minister as well you looked at my own situation of becoming governor and working to create this new political party from that time as well. This means that I was of course paying great attention and interest to the situation in France in relation to this. For myself during the time of gubernatorial election for Tokyo, I did not have the support of a particular political party at the time, however it was the support of many of the citizens of Tokyo which enabled me to be elected into the post of the governor. After this I created what I called my juku or my political learning center shall we say and people from the ages of 18 to 80 years actually all signed up to join and to learn within the center. At first 6,000 people expressed their will to join and be part of this and 3,000 to 4,000 people I believe actually participated in these sessions or seminars as part of the training under my juku. From these people this was how we selected those people to stand in the Tokyo Metropolitan Assembly elections. Around 300 people expressed their wish to stand as candidates and from them 41 people were selected to stand as Tomin First candidates in the Tokyo Metropolitan Assembly elections. Each one of these 41 people were all elected in the elections. And if we combine together with some other people who were already parliament members in the past for example we were able to have 55 people elected as Tomin First Candidates to the Tokyo Metropolitan Assembly. This means that we are now the largest party in the assembly. If we combine this together with the Komei-to, our partners in this becomes 127 seats in the Metropolitan Assembly, so the majority of the seats. And the LDP actually is in the third position in regards to the number of the seats. The assembly will be starting to meet soon and I believe that we can expect to see the completely different scenery or nature once it becomes in session again. Therefore, if we look at theses aspects I think that it can be said that there can be said that the similarities to my situation or my party and Mr. Macron and his efforts I believe he achieved around 60% of the votes in the general election with his new party as well. So, there are these similarities in place. However, in regards to your question, about how to analyze this, I hope that you could perhaps refer to political scientists in to regards as to how they made analyze this situation. If we were to look at the issue of dissatisfaction with this existing political parties however, I believe that there is a great feeling amongst many people if things are only left up to these traditional or already existing political parties, there would not be efforts taken to go down a new path or undertaken the reform which is necessary or which many people feel is necessary. And it is for this reason I believe many citizens or many people placed their hope in new political parties. I believe that both Mr. Macron and myself are looking at how to open up new paths for a political reform and this is something in which many people are very supportive of. This is something which is of course very pleasing, but also comes with a great responsibility. So if we consider why people are not satisfied with existing these political parties I believe that this is in relation to the fact that the time is moving very fast now. The world is changing very rapidly. And people’s lives are also changing very rapidly in this respect. However, many existing traditional political parties may continue their debate based on how things always have been. Just continuing with the status quo which they have always been going without not coming to any new conclusions. This is evident in many different places around the world I believe why this many people are looking very logically I believe for new solutions for this. For me I believe that if a new political party were to come forward it may mean that many people may turn their eyes towards this as well. However, this would be a great shame in regards to the time and energy, so I hope to do all that I can to ensure that this is not put to waste. So this is fully implemented from now as well. One other point in regards to the Tokyo Metropolitan Assembly is which is different from for example Japanese House of Representatives is that the term is set is confirmed. This that it means it is much easier to put in place a roadmap and implement things in a more certain way. Thank you.

Moderator: Financial Times last question.  

Peter Wilson from Financial Times. Governor Koike, I’m just wondering if you could just talk about what concrete steps you will take to address tax and regulation in order to help Tokyo to become financial hub. Thank you.

Koike: In regards to what is needed for Tokyo to become the global financial hub which is I believe what is necessary for that is people, things, money and information. First of all in regards to the people of the human resources would be necessary for that. As I mention we are looking at how to make improvements to the environment or the situation in Tokyo to encourage human resources or people from around the world to come to Tokyo as a place to work. In regards to the issue of tax of course this is appealed with the cooperation with the national government, the central government would be required. There are examples around the world discussions around the world on corporate tax at the moment for example. President Macron who are discussing has been talking about 25 percent for France. President Trump in the United States of course during his campaign period mentioned many different figures percent 20 percent, 15 percent and so on. There were different figures, different numbers flying around and what decision will actually be made in regards to this is yet to be seen. But I’m paying particular interest to what will happen in the United States. In regards to Tokyo we are still having a situation where globally the tax rate is still relatively high. However, the Tokyo as city metropolis as metropolis government is also quite heavily dependent on this corporate tax as well. So a sudden decrease in sudden reduction would be rather difficult. Instead as Tokyo we are looking at what kind of policy measures can be put into which can contribute this. Looking at for example ESG investment. Or things which can be done as the city as policies for now. On the national level, the tax issues are of course not so simple. The national tax policy is quite firm shall we say at the moment. We do have a new cabinet coming in with this new administration and well many of the key positions are remaining the same what decisions they may make in regards to this issue will be seen from now as well. And as Tokyo we will be making various appeals and suggestions to the national government as well. In regards to the regulations, also looking at how to for example encourage Fintech companies to be coming to Tokyo. One of the issues in place at the moment is the papers required for such registrations are of course are all in the Japanese language. And there are many different kinds of papers registrations and documents and so on which are necessary. This is almost giving the people a message telling people not to come because this is made so difficult. It is for this reason that we have established the one stop center which I mentioned which can be a place where people can fulfill these different procedures in one stop, one location and also start up in a  much faster way than that has been possible before. This is of course not something necessary only for international companies, but also for Japanese people, Japanese companies as well, so the creation of this one stop center is one of the measures for this. But the issue of how to continue to simplify the currently very complicated regulations is something which of importance for the global financial industry, but also for other industries as well.

Moderator: Thank you very much governor Koike for generously giving us 8 minutes extra time. I would like to extend to you one year honorary membership to our club. Please come again and tell us more about Tokyo Olympics. Thank you. Please remain seated until the governor leaves the club. Thank you for coming today and have a nice evening.

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