Turning to the outlook, as for exporting conditions, although inventory adjustments in IT-related goods worldwide are expected to continue for the time being, the prevailing view is that the adjustments will be basically completed by around next spring.
However, there exists a risk that the prolonged downturn in U.S. private consumption affected by the terrorist attacks would induce another round of adjustments in the Japanese economy, starting from the decline in exports such as of consumer goods. Under these circumstances for exports, uncertainty toward the economy is growing further.