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President’s Message
Newsletter "SEI WORLD" Vol.448

Masayoshi Matsumoto President & CEO

I would like to wish you all a Happy New Year!
I also would like to express my sincere appreciation to you all for your continued support.

Although last year began in a positive atmosphere, phrases such as “sluggish recovery of the world economy” and “slowdown in the economies of emerging countries” were frequently used in newspapers and other media in the latter half of the year. In Japan as well, although there were still effects of the so-called “first arrow” and “second arrow” of Abenomics in the first half of last year, consumer spending and capital investment remained at low levels in the second half. Moreover, despite the weaker yen, there was no growth in Japanese exports, leading to negative growth of GDP, which is announced every quarter. Thus, the situation surrounding Japan was not brisk.

In last month’s election for the House of Representatives, the Abe administration reaffirmed citizens’ trust in his government. However, I don’t believe that the economic recovery will gain momentum promptly. The “third arrow” of Abenomics is a growth strategy that aims to change the structure of the Japanese economy. We need to be prepared to act on the assumption that unlike the first and second arrows, which serve as symptomatic therapy, the third arrow would take considerable time to generate positive effects.

To prevent the government’s growth strategy from coming to nothing, companies need to make utmost efforts. At the beginning of this year, I urged members to be keenly aware that they are innovators. We believe that if each of our members is strongly aware of innovation and improvement, it follows that we can create innovation in a wide variety of scales, thereby more readily delivering solutions to customers’ problems.

All members at Sumitomo Electric Industries will do our best this year again, based on the spirit of Banji-nissei (Do your sincere best not only in business but also in every aspect of your life.) In this regard, we would like to continue receiving your support and guidance.

I would like to conclude by wishing your good health and further prosperity.

Masayoshi Matsumoto President & CEO

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