This is Horikoshi, CFO. I present the business results for the first quarter, FY 2023. Page four shows the highlights of business results for the first quarter, FY 2023. Exchange rates were JPY 136.4 to dollar, JPY 147.7 to euro, and JPY 89.9 to an Australian dollar. The yen depreciated against the U.S. dollar and the euro, and appreciated against Australian dollar year-on-year. Consolidated net sales increased by 17.8% year-on-year to JPY 899.6 billion. Operating profit increased 57.1% year-on-year to JPY 147 billion. Operating profit ratio increased 4.1 points to 16.3%. Both of net sales and operating profit increased due to increased volume, improved selling prices, and positive effects to our foreign exchange rates. Net sales were the record high for the first quarter. Operating profit and operating profit ratio marked the quarterly record high, including those for the first quarter. Other income decreased JPY 17.8 billion year-on-year due to the foreign exchange rate and interest payment. Net income attributable to Komatsu Limited increased 31.0% to JPY 105.4 billion. It was a quarterly record high, including one for the first quarter. Page five shows the sales and the profit by segment. Construction, mining, and utility equipment sales increased 18.4% year-on-year to JPY 846.9 billion. Its segment profit increased 66.1% to JPY 138.4 billion. Segment profit ratio improved 4.7 points to 16.3%. Retail finance sales increased 14.8% year-on-year to JPY 22.9 billion, and its segment profit decreased 17.7% to JPY 6.3 billion. Industrial machinery and other sales increased 17.1% year-on-year to JPY 40.5 billion, and its segment profit decreased 45.4% to JPY 1.9 billion. I'll explain the causes of difference by segment later. Page six shows the sales of construction, mining and utility equipment by region. Sales of construction, mining and utility equipment increased 18.0% year-on-year to JPY 842.2 billion. Sales increased in all regions, including North America, Latin America and Oceania, except China and CIS. The ratio of sales in strategic markets was 54%, and in traditional market, it was 46%. Page seven shows the causes of difference in sales and segment profit in the construction, mining and utility equipment segment. Sales increased by JPY 131.5 billion year-on-year due to the increase in volume, improved selling prices and the positive effects of foreign exchange rates. Segment profit increased by JPY 55.1 billion year-on-year, as higher procurement prices and fixed costs were absorbed by increased product volume, improved selling prices and the positive impact of foreign exchange rates. Segment profit ratio was 16.3%, up 4.7 points from the same period last year. Page eight shows the status of retail finance. Assets and new contracts went up, both from previous fiscal year-end and year-over-year, mainly due to the foreign exchange rate. Revenues increased by JPY 3 billion year-on-year due to the impact of foreign exchange, as well as higher interest rates. Segment profit decreased by JPY 1.4 billion year-on-year, mainly due to the absence of a gain on reversal of allowance for doubtful accounts recorded in North America in the previous year. Page nine shows sales and segment profit of the industrial machinery and others segment. Sales increased 17.1% from the previous year to JPY 40.5 billion. Segment profit declined by 45.4% year-over-year to JPY 1.9 billion. Segment profit margin declined 5.4 percentage points to 4.8%. Sales to the automotive industry increased for large presses and transfer machines, but sales to the semiconductor industry decreased due to a decline in global demand for semiconductors and a decrease in maintenance sales at excimer lasers, a high-margin business. As a result, sales increased, but profit declined. On page 10, I will explain the consolidated balance sheet. Total assets were JPY 5,298.100,000,000, up JPY 422.2 billion from the end of the previous fiscal year, partly due to the weaker yen. Inventories increased by JPY 167.4 billion from the end of the previous fiscal year, mainly due to the impact of yen depreciation, as well as the response to increased demand for mining equipment. Shareholders' equity ratio decreased by 0.8 percentage points from the end of the previous fiscal year to 51.3%. Net equity ratio was 0.32%. That's all from me. Next, Mr. Hishinuma will explain the projection of FY 2023. I am Hishinuma, General Manager of Business Coordination Department. I will explain the projection of FY 2023 business results and the major market condition. Page 12 shows the outline of projection for FY 2023. Annual projection for FY 2023 remains unchanged. I will explain the assumption, actual, and projected demand for seven major products on the next page onward. From Page 13, I will explain the actual and projected demand for seven major products. It shows the demand dynamics of seven major products, including mining equipment. The figure of the first quarter FY 2023 is our preliminary assumption. Demand in the first quarter FY 2023 was down 9% year-on-year, and excluding China, it was down by 5%. China dropped significantly year-on-year due to the economic slowdown triggered by the sluggish real estate market condition. In traditional markets, demand in North America and Japan was robust, but in Europe it was down year-on-year, and in strategic market except China, demand went down year-on-year in Latin America due to the future economic uncertainty and import restriction, and in CIS, affected by the Russian invasion into Ukraine. Demand projection for FY 2023 was revised from one in April, and the overall demand is from -5% to -10%, and excluding China, it is -5% to -10%. Mining equipment is generally robust, but in construction equipment, some negative factors are observed, including the impact of Chinese economic slowdown and interest hike and inflation in many regions. We monitor the trend carefully. On next page onward, I will explain the condition of major markets. On page 14, I will explain the demand in Japanese market. In the first quarter, FY 2023, demanding units increased by 2% year-on-year, boosted by steady public works and private sector construction demand increased. Demand projection for FY 2023 is flat year-on-year, remaining unchanged from April projection. We expect that investment for public and the private sector construction will continue to be solid. Average monthly operating hours of contracts was down 3% year-on-year in June. On page 15, I will explain demand in North American market. In the first quarter, FY 2023, demand increased by 3% year-on-year. Demand increased in rental, infrastructure, and energy industry, while that in residential construction declined, affected by the interest rate hikes. Demand projection for FY 2023 will decrease between 0% and -5% year-on-year, remaining unchanged from April projection. While decline in residential construction will be offset by the strong demand in rental, infrastructure, and energy industry, we monitor the operating condition of machineries and the demand in future closely. Average monthly operating hours of contracts was down 5% year-on-year in June. On page 16, I will explain demand in European market. In the first quarter, FY 2023, demand decreased by 5% year-on-year. Demand decreased, centering on major markets of Germany, the U.K., and France, affected by the rapid interest rate hikes and the sustained high inflation. Demand projection for FY 2023 is revised from the projection in April to -5% to -10% year-on-year. Economic downside pressure by the tightening monetary policy might be sustained in the second quarter onward, and as demand decline is expected to continue, we monitor the situation closely. Average monthly operating hours of contracts was up 4% year-on-year in June. On page 17, I will explain demand in Chinese market. This page shows the demand of hydraulic excavator, except mini shovels. Demand, including Chinese makers, are also shown for reference. Demand growth is that of the foreign makers. In the first quarter, FY 2023, demand decreased by 55% year-on-year, and including Chinese makers, total demand was down by 39% year-on-year. Demand plummeted due to economic slowdown, triggered by sluggish real estate market. Demand projection for FY 2023 is revised from the projection in April to between -30% and -40% year-on-year, and including Chinese makers, it is between -20% and -30% year-on-year. Any factor for the improvement in demand environment is not observed, and for the time being, we assume that the negative trend will continue. Average monthly operating hours of contracts was down 3% year-on-year in June. On page 18, I will explain the demand trend in the Southeast Asian market. It appears that the demand in the first quarter of FY 2023 decreased by 5% from the same period last year. While demand for construction equipment declined in Indonesia, Thailand, Vietnam, and other markets, demand for mining equipment increased in Indonesia due to strong demand for coal and nickel mining. The forecast for fiscal year 2023 remains unchanged from the April forecast at ±0% to -5% year-over-year. In Indonesia, the largest market, demand for mining equipment appears to have remained strong, but demand for construction equipment is expected to decline due to increased interest rates, presidential elections scheduled in February 2024, and Ramadan in March 2024. Average monthly operating hours of Komtrax in Indonesia in June were up 3% year-on-year. Operating hours is trending at a high level. The mining equipment demand will be explained on page 19. The demand for the first quarter of FY 2023 seems to have increased by 12% year-over-year. Demand increased significantly in North America, Indonesia, Oceania, et cetera, while it decreased in some regions, such as CIS, et cetera. We expect demand in FY 2023 to range from ±0% to +10% year-over-year, which is unchanged from the outlook in the April forecast. As in the first quarter, we expect demand in some regions to decline, but generally remain firm. On page 20, I will explain sales of mining equipment. Sales in the first quarter of fiscal 2023 increased by 27% from the same period last year to JPY 383.8 billion. Excluding the effect of exchange rates, the increase was +22%. Sales increased mainly in North America, Central and South America, Asia, and Oceania, et cetera. Sales for fiscal year 2023 are expected to exceed the April forecast of JPY 1,370,800,000,000. On page 21, I will explain about our parts sales. Sales for the first quarter of FY 2023 increased 16% year-over-year to JPY 234.3 billion. Excluding the impact of foreign exchange rates, the increase was +12%. By region, sales increased in all regions except CIS. We expect sales for FY 2023 to exceed the April forecast of JPY 806.9 billion. That's all for the forecast. I will explain the main topics from page 31 and beyond. Page 31. Komatsu developed a concept machine for medium-sized hydraulic excavators equipped with hydrogen fuel cells. Based on Komatsu's medium-sized hydraulic excavator, this new concept machine is equipped with Toyota's hydrogen fuel cell system and hydrogen tank, which, combined with Komatsu's self-developed key components and total control technology, will provide powerful digging performance and high operability, equivalent to an engine-driven type. At the same time, we will target zero exhaust gas emissions and significant reduction in noise and vibration. Based on the PoC test that started in May 2023, Komatsu will accelerate its efforts to realize the mass production of medium to large-size construction equipment equipped with hydrogen fuel cells in the near future. Page 32. Komatsu, together with the members of the Komatsu GHG Alliance to achieve zero emissions in mining operations, held an event at the Arizona Proving Grounds in Tucson, Arizona, USA, to share the latest information and strengthen cooperation to reduce GHG at mine sites. Charge- charging technology for battery trucks utilizing Komatsu's trolley system was presented at this event. Next is page 33. Komatsu, at the mining major Anglo American's Minas-Rio's iron ore mine in Brazil, has been conducting a demonstration trial of teleoperating a large ICT bulldozer, D78AI-8, since October 2022, and commercial operation began in May 2023. Based on the success of this demonstration trial, Anglo American has decided to install a batch of 6 D475A-8RS, which can be fitted with remote control retrofit kits at the Minas-Rio iron ore mine by the end of FY 2023. Page 34. Komatsu will introduce a new 3-ton class electric mini excavator with lithium-ion battery and a 20 -ton class electric excavator to the domestic and European markets. The 3-ton class electric mini excavator is a fully remodeled version of the PC30E-5, which was introduced as a rental machine in domestic market in 2020. By replacing lead batteries with lithium-ion batteries, we have realized extended operation time and reduced the size and the weight of the machine. With this, we will improve the convenience of our customers. The 20-ton class electric excavator is equipped with a lithium-ion battery provided by Proterra. Introduction is scheduled to begin after October as rental equipment to the domestic and European markets. This ends my presentation. Now we'll take questions. First question is from Mr. Sasaki, Mitsubishi UFJ Morgan Stanley Securities. Over to you. Do you hear me? Yes, please go ahead. This is Sasaki at Mitsubishi UFJ Morgan Stanley Securities. The first question is for Mr. Hishinuma. I'd like to have one confirmation about how we should view the actual results. As shown in the presentation of Mr. Hishinuma, the demand of construction, mining, and utility equipment in the first quarter was minus year-on-year. When we looked at your result in the first quarter, volume product mix impact was plus. I think in your initial plan, volume product mix impact was assumed as minus. I'd like to know how we should see your results, where volume product mix worked very positively in the sales of Komatsu, when the total demand of construction equipment was negative? Is it due to the mix improvement, or did you gain shares, or is there any other reason? For example, increase in parts sales. First, I'd like to have your comment on this point. Thank you. This is Hishinuma. Was your question about demand and sales? Yes. I'd like to know the background of the situation where Komatsu sales increased substantially, whereas the total demand was down. First, the demand is based on units. For example, if the mining equipment sales increased, its demand impact in unit is smaller. Even if the construction equipment demand went down, we increased price slightly. In North America, dealers inventory was built up, so they contributed positively to the sales. As for the product mix, since the mining was robust and its sales per unit are high, it worked positively for sales. Parts were also strong, it was a positive factor for sales as well. Although the volume was not strong, mining, whose value is high, was strong. The parts were robust, putting aside the equipment, the restocking in North America also contributed to the substantial sales increase of Komatsu, despite the decline in total demand. Is my understanding correct? There was also foreign exchange benefit, your understanding is correct. Understood. Thank you. Secondly, let me ask about the price hike. Quarterly price hike impact was JPY 36.7 billion. Given the initially planned price hike impact was JPY 117 billion, the price hike progresses much faster vis-à-vis the plan. What's happening there? Were you able to raise price more than the plan? Please let us know the background of more successful cost pass-through compared to the plan, if any. Thank you. This is Horikoshi. For your previous question, please turn to page six for sales in April to June period by region. In North America, demand increased only 3%, but sales increased 26.3%. The gap is prominent here, but excluding foreign exchange, the growth is 18%. For the gap between 18% and demand growth of 3%, 15% includes price impact of 6%, and the remaining 9% is due to higher wholesale rather than retail sales. In Europe, sales increased strongly as 21.6%, whereas the demand was -5%. Particularly in Europe, in the first quarter, the price increase was notable. Excluding the foreign exchange, the growth was 13%. The gap between 13%, the demand -5%, was due to the price increase. Please turn to page seven. Talking about the difference in the first quarter from the forecast announced in April, sales were above the forecast by JPY 74 billion. The biggest cause was foreign exchange, about JPY 63 billion, as our forecast in April was based on JPY 125 to a dollar, followed by volume, JPY 7 billion. Selling price increase was JPY 4 billion impact. Profit in the first quarter was above the forecast announced in April by JPY 23 billion. As mentioned, foreign exchange and volume also pushed up profit, and selling price increase of JPY 4 billion is entirely reflected in profit, and they contributed to the upside. As Hishinuma mentioned before, product mix also impacted full sales, despite the decrease in construction equipment, mining equipment, grows more than offsets the dip, and the product mix benefited us. By region, Europe substantially dropped, and the regional mix change also affected. Cost-wise, including the fixed cost, it was considerably better than the forecast, putting them together, profit was above the forecast announced in April by about JPY 23 billion. Out of the price increase of JPY 4 billion, where is a major region? There is no prominent difference by region, but compared to the forecast announced in April, price hike in construction equipment was relatively larger. Price hike in mining was almost in line with the forecast in April. By region, there is no major difference. Very well understood. Thank you very much. Thank you. I take next question. Next question is from Mr. Shigeno of Nikkei. Hello, do you hear me? Yes. I am Shigeno of Nikkei. I have two questions. First, I'd like to ask about the price hike going forward. Recently, steel price, which was soaring before, started to calm down. With that, how was the level of price hike cost acceptance changing recently? Can we assume that the good acceptance will continue in the future as well? This is Horikoshi. When you turn to page seven for April to June period results again, selling prices increase impact was JPY 36.7 billion, and the cost impact was - JPY 11.4 billion. They are almost in line with the forecast announced in April. You may wonder why there was such a cost difference year-on-year in the first quarter. Last year, steel price increased drastically from the second quarter. The steel price in the first quarter last year was relatively low. When we compare that to the current level of cost, there was such a large cost difference. From the second quarter onward, we expect that cost difference will be minor. As for selling prices, in April announcement, we said that the price hike this year will be JPY 116.8 billion. As we explained in the first quarter results briefing, we think we'll be above the full year forecast. Thank you. Next, Bank of Japan announced the potential tweak of the YCC policy today. With that in mind, would you comment on your prospect of foreign exchange rate and the potential impact of appreciation of yen on your business? Our assumed foreign exchange rate for the full year, announced in April, was JPY 125 to a dollar. Even with the BOJ policy tweak announced today, based on the current rate, I think our foreign exchange assumption is conservative. In the announcement today, you do not revise the forecast from JPY 125 to a dollar, do you? Rather than the JPY 125, we have not revised the sales and profit forecast. Talking about the overall business, as Hishinuma mentioned, demand will be slowing down. Demand in construction equipment seems to be down considerably, and it seems to be down compared to the forecast in April. In mining, demand projection is from 0% to +10%. The current sales forecast is above the forecast in April. The decline in construction equipment sales is almost fully offset by the increase in mining equipment, and the volume will be almost flat. Selling price will be slightly up, and the product mix change with the increase in mining and a decrease in construction equipment will push up the profit. Decline in Europe, where the profitability is relatively low, will be reflected in the regional mix change. Volume is almost flat, product mix, regional mix, and price increase will benefit the full year results. The cost will be up slightly compared to the forecast in April. Except the foreign exchange, most of the other items are in line with the April forecast. The major variance from April forecast is foreign exchange, how it is going to be deviated from JPY 125. Thank you. Thank you very much. I take the next question. Next question is from Mr. MacDonald of Citigroup Securities. Hello, do you hear me? Yes. I'd like to ask two questions. First question is about cash flow. Mr. Horikoshi mentioned that with the foreign exchange assumption of JPY 125 to a dollar, free cash flow will be about JPY 350 billion in this fiscal year. In the first quarter, it was about JPY 45 billion. It made some improvement from the previous year, but I have some concerns for inventory, bearing depreciation of yen in mind. First, how do you see the first quarter cash flow level and the forecast for this fiscal year, Mr. Horikoshi, after three months of this year? As for cash flows, in April, we explained that the full year of cash flow will be about JPY 350 billion, as you know. As of the first quarter, cash flow stands at the level at, as Mr. MacDonald said. It improved from the previous year. Compared to the full year target of JPY 350 billion, how we view it was your question. Inventory level is slightly higher than our plan, partly due to the increase in mining, as each unit of mining equipment is large. Taking the excess inventory into account, I think inventory is increasing slightly. As of today, we think it is possible to reduce inventory toward the end of the fiscal year. Currently, we think we'll be able to achieve the full year forecast as planned. I want to confirm this. How much is the inventory? JPY 1.1 trillion? I think it is somewhere. According to the balance sheet, it's JPY 1,394,700,000,000. Hitachi Construction Machinery will give you a breakdown, but do you have an image of how much is increasing on the equipment side? For construction equipment, I don't have the exact number. There's not much on work in progress at the plants, but I think there is a slight increase on the inventory of equipment and parts. Sorry, I don't have the exact number. Okay, understood. I want to confirm. On page 10, on the balance sheet, it seems that inventories is increasing quite a lot. If you exclude the foreign exchange impact, how much is the real increase? Well, total assets is JPY 5,298,100,000,000, which is a JPY 422.2 billion increase compared to March end. Out of that, JPY 306.4 billion is the impact from the foreign exchange. In terms of inventories, the increase was JPY 167.4 billion, out of which JPY 95 billion is attributable to foreign exchange. Increase to JPY 167 billion, as in JPY 95 billion, attributable to Forex. The difference, JPY 72.4 billion, would be the real increase. Thank you. Full year, this is about the BB ratio on page 28. You didn't comment about it, how should we interpret the BB ratio of Komatsu America's mining business? This is about the BB ratio of mining? Yes. On page 28, you have the BB ratio of the mining business. On the top, which is Komatsu America, a large order came in this March. That is the reason it is high. Orders have been robust from April onwards. That's the reason you're seeing these numbers. On the other hand, for Germany and Komatsu parent, orders have been building up, but shipment has been smooth as well. That led to the decline in the BB ratio. Understood. I've said this previously, well, for the construction equipment, this number seems to be clearly going down. For mining, though it is true that the pace of increase is slowing down, but it's still at a high level. It seems that there's no sign of it coming down yet. Actually, we have been receiving a lot of orders, so the order fulfillment rate is at a high level, too. Thank you. On another note, it's about North America. Hishinuma-s an, in your part of the presentation, in page 15, the growth of the seven major products for construction equipment was 3%, and what has shown a positive move with energy, infrastructure, and rental. I would like to confirm about your North American business, what is the sales breakdown among rental, infrastructure, and energy? The per unit price isn't that different, so they tend to move in the same manner for our company. It shouldn't change that much. Well, we have last year's numbers and this year's numbers. Which would you like? This year's numbers, please. Rental is about 31%. Energy is 8%. Residential, 14%. Non-residential is 19%. Roads, 16%, the re- remainder is others. Where would infrastructure belong? Non-residential. Roads, public works, and others. Okay, thank you. I think I've used up my time. Thank you. Thank you very much. Let's go to the next question. UBS Securities, Mizuno-San, please. I'm Mizuno from UBS Securities. I have two questions. First, you said that mining equipment is doing better than expected. Can you explain about the background? I want to know how sustainable this is. For instance, additional comments about the situation in each markets, the situation between equipments, parts, and services will be welcome. Is this related to a specific initiative that your company is engaged in? For the mining business, basically, resource prices is currently relatively stable. We are seeing a slight slowdown in the coal business currently, but we do not anticipate a major downturn. Orders from resource companies are coming in steadily, so overall, the situation is stable. For parts, the situation is the same. For instance, in Indonesia, the downtime ratio is about 3%, so the utilization rate is quite high. In terms of service, initiatives such as offering extended warranties is still ongoing, and this is proceeding in line with our plan. Again, this is robust. Overall, for the mining business, there's no major negative factor. Thank you. My other question is about profitability. Even if you exclude the fact that the exchange rate is favorable than the company's assumption, I think profitability is still improving. What we hear in this industry recently is that some may be due to what's happening in the value chain. Is it the case? Has the company conducted any analysis about the situation that you can further share with the market? For instance, can you say that there is a scenario that this 15% margin is not the ceiling because the aftermarket business is going to increase going forward? This is Horikoshi. If you look at page 24, I think we started showing this graph from this April, but we are showing the sales breakdown, like parts, mining equipment, construction equipment. If you look at this, I think it is fair to say that mining equipment and parts is increasing. If you look at page 21, you can see that the sales of parts have consistently gone upwards. I often talk about this, but by offering warrants up to 10,000 hours, I think this has been a factor that has led to customers buying more genuine parts. For instance, if you look at the fluctuation of operating margin of Komatsu and track it bi-quarterly, compared to our peers, it doesn't fluctuate that much and continues to go up. One reason is that in the mining business, our business model is direct sales and direct service, and a high proportion of our sales is parts and services. Another point is that in the construction equipment business, we sell parts as a package with paid warranty, and this type of business is growing, which has led to an overall improvement of margins. Horikoshi, it's easier to have an image about the mining business, but how about the construction equipment? The business model is different, but Caterpillar's margins has continued to go up, and they are engaged in the construction equipment. You do not disclose margins, but you talked about the package sales. Does this mean that margins are actually rising in the construction equipment, excluding the China business? You're talking about the construction equipment parts business? Yes. You can see in the graph on page 21, of course, mining is growing, but I think it's quite clear that construction equipment is growing as well. I see. Thank you. That's all. Thank you. The next question is from Maekawa -san, from Nomura Securities. This is Maekawa from Nomura Securities. Thank you for your presentation. I would like to ask about the demand outlook. For demand, you made a downward revision for Europe and China, and the total outlook was revised down as well. You talked about the mining business, and in the North American market, although there may be a time lag, there might be a sign of recovery in the residential market. I assume the reason you made a downward revision in demand was due to the Chinese and European market. Does this mean that you have more concerns for demand? It may seem as an odd question, but I was just wondering whether you should take a pessimistic view for demand outlook. In terms of the performance, your April to June period was very good, maybe you struck a balance by not changing the full year outlook. Does this implicate that for demand, you're taking a conservative view? I would like to hear your thoughts about this. This is Hishinuma speaking. We announced a full year outlook at the end of April, but when the first three months of the year ended in July, we observed that the situation in Europe was a bit weaker than our outlook. Compared to the first three months, we thought that there were negative factors going forward, so we decided to update our outlook. In terms of our performance, as we have been saying, the overall demand is dropping, so that we think that the construction equipment business may decelerate. Having said that, the mining business is steadily growing. That is the thinking behind our demand outlook based on the Q1 results and the change in the situation thereafter. As for Europe, we made an assumption in April that Europe would be at the same level as of last year. To be frank, maybe we were a bit too bullish. We reviewed the outlook for Europe to -5% to -10% year-over-year. As you all know, the China market is very weak, and the actual results back this up. We downgraded our outlook for China as well. However, as you are aware, our sales in China is only 2% or 3%. We think it will not impact the performance that much. Overall, especially for the construction equipment demand in the first quarter and the second quarter and beyond, we feel that the demand is weaker. If you look at the order situation, I think it's quite clear. Understood. In that sense, it seems that there are no markets that seem to be recovering, and each of the markets going into the second quarter continues to be weak in terms of demand. Is that the correct understanding? In markets such as North America and Oceania, they seem to be very strong, at least in the first quarter. Are you saying that this trend is not sustainable? We haven't changed our outlook for the North American market. I was just wondering whether you feel that North America is getting better. Well, we haven't changed our outlook. You haven't changed it. Thank you. Understood. Any other questions? If you have a question, please raise your hand. This seems to be no further questions. We are a bit early, we would like to end the Q&A session. This ends the business results presentation for the first quarter of fiscal year 2023 of Komatsu. Thank you very much.