I. Consolidated Results

 As for our inventory, our overseas inventory increased despite our continued efforts to renew our production processes and flow of duties due to the effect of the weaker yen, so that our overall inventory increased by 2.3 billion yen.
Domestic inventories decreased by 2.4 billion yen, as the result of our continued efforts.
 Overseas inventories increased mainly in Europe, but inventory reduction activities in all regions have started to take effect and inventories have started to decrease after reaching peak levels in August, and we now have our goals in sight.
The reduction of inventory is vital to prevent the unnecessary usage of corporate resources and improve the level of cash flow, especially in the current circumstances where an increase in sales volume cannot be predicted.