I believe that increased competition between securities companies and other financial institutions in providing varied and dependable credit intermediation services strengthens the financial system as a whole and thereby helps improve the structure of the economy. It is evident that securities companies themselves must improve their managerial capabilities if they are successfully to perform such an important role.
At present, the stock market is showing some buoyancy in terms of both price and volume. I trust, however, that the securities industry will not loosen its resolve and that it will continue to target creativity and higher efficiency. The Japanese economy as well as the financial system is still burdened with a number of difficulties.