Inamori Foundation Announces 1998 Kyoto Prize Laureates

KYOTO, Japan (June 19, 1998) - Dr. Kazuo Inamori, founder and president of The Inamori Foundation, announced today the 14th annual laureates of the foundation's Kyoto Prizes, Japan's most highly valued private awards for lifetime achievement. The 50 million yen prizes, each worth approximately $350,000, will be awarded to individuals from three categories (Advanced Technology, Basic Sciences and Creative Arts and Moral Sciences) during The Inamori Foundation's annual prize presentation ceremonies in Kyoto this November.

For 1998, the Kyoto Prize category of "Advanced Technology" focuses on the field of biotechnology and medical technology. Receiving the award will be Dr. Kurt Wüthrich, a pioneer of structural biology. Dr. Wüthrich is a professor of molecular biophysics and chairman of the Department of Biology at the Swiss Federal Institute of Technology (ETH).

Dr. Wüthrich's research on the development of the nuclear magnetic resonance (NMR) technique led him to develop a method for determining the conformations of proteins, nucleic acids and other biomacromolecules in solutions or biomembranes where they exhibit their functions. This groundbreaking achievement made an unprecedented contribution to structural and molecular biology, representing a tremendous advance in biotechnology. It is expected that this NMR technique will be increasingly applied to medicine, pharmaceuticals and agriculture. Dr. Wüthrich's work has lead to a better understanding of prions, which are believed to cause bovine spongiform encephalopathy (mad cow disease).

The 1998 Kyoto Prize category of "Basic Sciences" focuses on mathematical science. The recipient will be Dr. Kiyosi Itô, mathematician and professor emeritus at Kyoto University. The creator of stochastic analysis, Dr. Itô is being recognized for his timeless contribution to both pure and applied mathematics.

Dr. Itô first presented his theories on stochastic analysis/calculus approximately 50 years ago - today his analysis remains an essential tool in developing various mathematical formulas and financial models.
In 1997, Dr. Itô's theories contributed to the Nobel Prize in Economics, awarded to two mathematicians, Robert Merton and Myron Scholes, for their work resulting in a ratio for the mix between options and assets, producing a combination that can be hedged against fluctuations in the market price of the asset. Dr. Itô's theory served as the foundation for this formula.

Mr. Nam June Paik, media artist and founder of the "video art" genre, will receive the 1998 Kyoto Prize for "Creative Arts and Moral Sciences," which focuses this year on Fine Arts including painting, sculpture, design and architecture. For more than 30 years, Mr. Paik has spearheaded the evolution of the innovative medium of "media art" by integrating modern technology (i.e. TVs, computers, etc.) into performance art. Through his work, Mr. Paik seeks to build communication networks amongst peoples of different cultures, resulting in mutual understanding.

Each laureate will receive a diploma, a Kyoto Prize Medal (20k gold), and a cash gift of 50 million yen, or approximately $350,000. The prizes will be presented during awards ceremonies to be held November 9-12 in Kyoto, Japan.
The Kyoto Prizes are presented annually by the non-profit Inamori Foundation, to recognize individuals and groups worldwide which have made significant contributions to the betterment of humanity. Through 1997, the prizes have been presented to 20 Americans, 19 Europeans, and four Japanese. Dr. Kazuo Inamori, a Japanese humanitarian and pioneer in the field of technical ceramics, established the foundation with a personal endowment of $200 million in 1984.
Dr. Inamori is the founder and chairman emeritus of Kyocera Corporation, the world's top producer of technical ceramics, and DDI Corporation, one of Japan's leading telecommunications providers. In fiscal 1997, the worldwide group of companies that Dr. Inamori leads recorded sales of more than $10 billion.