The global economy is expected to remain uncertain due to soaring resource and raw material prices, tight supply and demand for semiconductors, and fluctuations in foreign exchange rates. Further, in Fiscal 2023, the business environment surrounding the Group is expected to remain cautious for the time being in terms of capital investments in the Chinese manufacturing industry and semiconductors. Since it is expected to take some time for the Group's customers and distributors to adjust their inventories of the Group’s products, we anticipate that the order environment will remain sluggish in the near term.
However, the market for advanced automation in the manufacturing industry, which is accelerating globally, is still expected to grow at a high rate going forward. Accordingly, we will attempt to further improve quality, costs, deliveries, and safety (QCDS) by strengthening efforts pursued up to now aimed at expanding production capacity and ensuring the stable procurement of parts and materials throughout the supply chain, while also increasing productivity and operational efficiency through proactive investments in IT. Additionally, we will focus on further expanding our competitive advantage by improving and accelerating our ability to resolve customer issues through the integration of sales and development technologies.
We humbly ask all our shareholders for their continued support
Akira Nagai, President and CEO