New JIC Head Eager to Expand Risk Money Supply

Economy

Tokyo, Dec. 10 (Jiji Press)--Keisuke Yokoo, who became president of state-backed Japan Investment Corp. on Tuesday, expressed his eagerness to provide funds to business areas that are short of private-sector investments.

"We'll create new industry foundations" by leveraging risk money supply, the former Mizuho Securities Co. president told an inaugural press conference in Tokyo.

JIC resumed operations with Yokoo after a one-year hiatus caused by the resignation of all the nine private-sector board members in protest against the industry ministry's decision to cut their pay and increase the government's involvement in the fund's investment policies.

With funds of over 2 trillion yen, including those procured with government guarantee, JIC will aim to promote technological innovations and investments in the private sector.

At the news conference, Yokoo also showed willingness to consolidate and realign financial institutions in addition to manufacturers, saying, "The financial industry has entered a phase to review its business models."

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Jiji Press