During the three months under review, the global economy saw consistent growth, while it lacked strength given the growing uncertainties regarding the global economy such as intensifying US-China trade disputes and the Brexit discussions. In Western countries, economies remained firm, reflecting solid trends in consumer spending and capital investments despite the mounting political uncertainties. In Asia, economies are beginning to suffer a setback in the pace of growth given the growing concerns regarding a downside risk involved in China’s economy amid the trade frictions between the United States and China.
In Japan, the economy remained at somewhat of a standstill, reflecting high but mixed corporate earnings and a plunge in capital spending with weak exports, while consumer spending saw a mild recovery given the good employment and income conditions.
Under this environment, based on the “Medium-Term Management Plan 2021,” of which term covers five years from the fiscal year ended March 31, 2017, to realize the improvements of “Earning power through operations” and “Value in capital markets,” we are working on the strategic themes such as 1) Promoting global branding, 2) Focusing on priority overseas locations, 3) Laying stronger foundations for our domestic profit base, 4) Establishing a second pillar that generates revenue and profit, 5) Developing and strengthening human resources for global management.