We wish you a Happy New Year 2024!

 Last year was a challenging year as geopolitical risks increased due to the prolonged war of Russian aggression against Ukraine as well as the clash between Israel and Palestinian armed groups, while global inflation showed signs of abating and prices rose in Japan due to the depreciation of the yen to around 150 yen per dollar. This year is expected to be another year of political and economic changes, including continued preparations for the Taiwan contingency, a review of monetary policy by the Bank of Japan, and mid-term elections for the President of the United States.

 Although there was some skepticism last year as to whether wage increases would take root, there is a sense of hope that we will see a break from deflation and the arrival of a virtuous cycle of economic activity, transforming from rising prices due to a lack of supply to wage increases due to rising prices of goods and services. We hope that a steady and continuous increase in real wages will be realized first.

 On the other hand, I believe that this year will mark the end of negative interest rates. It appears that upward pressure on interest rates is already mounting, and I hope that the Bank of Japan will make thorough policy decisions to further grow the seeds of upward momentum in socioeconomic activity for the first time in about 30 years.

 In the real estate market, there is a possibility that the price increases seen to date will slow down. Although a certain amount of price adjustment may occur due to the expected rise in financing costs, we expect a gradual upward trend to continue thereafter.

 We will continue to aim to accumulate assets under management and strive to offer high-quality solutions to our clients, including support for a wide range of funding needs.

 We look forward to your continued guidance and encouragement.