During the current consolidated fiscal year, the Japanese economy saw progress toward the normalization of economic activity, including rising prices and the lifting of the Bank of Japan's negative interest rate policy. However, demand remained stagnant due to inventory adjustments in the market.
Under these circumstances, in the components segment, the Group's mainstay business, orders for smartphone-related components and industrial machinery components were lackluster, while demand for automotive electrical components remained strong.
Looking ahead, the shift to electric vehicles (EVs), increasingly sophisticated automated driving technologies, and increased demand for high-performance factory automation equipment and industrial robots in conjunction with factory automation are expected to drive demand for electronic components.
Our group will accurately respond to customer needs by utilizing our comprehensive strengths, including our precision die manufacturing technologies, unique component mass production technologies, and streamlined facilities that we have developed over the years. Viewing the current situation as a period of transformation in manufacturing, we aim to expand our current businesses and establish business in new fields through further collaboration among segments, keeping in mind our management philosophy of challenging the impossible.
We ask all of our shareholders for their continued support.
President and Chief Executive Officer
Noriyoshi Suzuki