Director, Managing Executive Officer, Eiji Fujimura. This is Fujimura. Thank you. Mr. Mibe will give a summary of the financial results, followed by Mr. Kaihara's explanation of results of the fiscal year ended March 2025 and 2026, as well as shareholders' returns. Mibe, present, please. Thank you for your continued understanding of Honda's business activities. The financial results for the fiscal year ended or FYE March 2025 and the outlook for FYE March 2026 are as follows. First summary of the financial results. Operating profit for the FYE March 2025 was JPY 1,213.4 billion. In the fourth quarter of the same fiscal year, we changed the accounting method for automobile product warranty provisions. This one-time expense excluded operating profit was JPY 1,341 billion. Motorcycle business saw strong unit sales globally, achieving record highs in unit sales, operating profit, and operating profit margins. Automobile business saw a decline in unit sales, mainly in China and ASEAN, and was impacted by increased North American incentives for EVs. However, hybrid EV sales expanded. Operating cash flow after R&D adjustments, which represents the source of future investment, remained as high as last fiscal year, reaching JPY 2,800 billion. On consolidated financial results for FYE March 2026, the impact of tariff policies is huge, combined with frequent revisions, making it difficult to formulate an outlook. However, reflecting the full 12-month impact as well as recovery measures, we have set the minimum levels of operating profit at JPY 500 billion and net profit at JPY 250 billion. Motorcycle business plans to sell 21.3 million units and increase year- on- year. Automobile business, despite significant tariff impact, hybrid EV sales will be boosted, mainly in North America. Moving forward, the impact of tariff policies will be carefully assessed, recovery measures enhanced, while aiming for increased operating profit. Regarding shareholder returns, at today's Board of Directors meeting, a dividend policy change was decided. To improve capital efficiency and ensure stable shareholder dividends despite uncertainties, we will switch from the conventional payout ratio to DOE. Annual dividend will increase JPY 2 from JPY 68 -JPY 70 per share. Next, motorcycle and automobile business initiatives that support a stable revenue base. The motorcycle business is world number one in market share, with annual sales of over 20 million units. Sharing platforms and powertrains combined with skill of merit of dominant unit sales allows for a low-cost structure that surpasses other companies and thereby realize profit expansion. In automobile business, hybrid electric vehicle system costs have been reduced while enhancing marketability. The current model of profitability is 1.5 times the previous model. Unit sales have expanded globally, in particular North America. In the latter half of this decade, we plan to introduce next-generation HEV models to evolve performance and cost efficiency. Next, initiatives for enhancing corporate value. Last fiscal year, at this meeting, I explained our efforts to enhance corporate value in the past, present, and future. Regarding past capital optimization efforts, the prospect is in sight as a result of last December's decision to repurchase JPY 1.1 trillion of our shares. Meanwhile, looking at the present and future, the automotive industry environment has changed dramatically, requiring more than ever flexible response. Regarding automobile profitability, we will secure stable revenue through increased unit sales of hybrid EVs with better profitability, especially in North America, plus solid business foundation of our motorcycle and financial business. Looking ahead, the electric vehicle market growth has slowed down more than expected. We reviewed trade timing of our comprehensive value change project in Canada and decided to postpone our large-scale investments. Details of the electrification strategy trajectory change will be explained in our business update on May 20. Despite the continuing uncertainty in business environment, Honda will maintain stable management through a resilient business portfolio by flexibly revising strategies according to market conditions, thereby enhancing corporate value. Next, Mr. Kaihara will give details of the financial results. I will explain the results of the fiscal year ending March 2025, the outlook for FYE March 2026, and shareholder returns. First, regarding the group sales volume for FYE March 2025, for motorcycle businesses, 20.72 million units sold, mainly due to increase in Asia year- on- year. For automobile businesses, 3.716 million units sold with a decline of volume in Asia or mainly in China. For power product businesses, 3.7 million units sold with a decline mainly in Europe. Next, regarding the consolidated financial results for FYE March 2025, starting from FYE March 2025, we changed the method of measuring product warranty provisions to allocate for the sales of major automotive production sites so that they are measured comprehensively at the time of the sale. While this will result in a one-time expense for FYE March 2025, it will allow us to limit the impact of product warranty expenses on earnings volatility from this fiscal year onward. Such a one-time impact has been reflected on the operating profit of the fiscal year, which mapped JPY 1.2134 trillion. That was JPY 168.4 billion short of the previous period. Equity in earnings of affiliates was JPY 0.9 billion, down by JPY 109.8 billion, mainly due to the decline in sales volume in China. Net profit attributable to the owner of the parent decreased by JPY 271.3 billion, totaling JPY 835.8 billion. As Mr. Mibe explained in the beginning, the results, excluding the impact of the change in product warranty estimates in automobile businesses, are shown on the right-hand side of the slide. Next, regarding factors of ups and downs of operating profit for the FYE March 2025 year- on- year, operating profit was JPY 1.341 trillion, down by JPY 40.8 billion year- on- year, before reflecting the impact of the change in product warranty estimates for the automobiles. The factors behind have been JPY 233.6 billion decline in profit due to sales impact, increase of JPY 525 billion in profit due to price and cost impact, JPY 85 billion decline in profit due to miscellaneous expenses, JPY 153.5 billion decline in profit due to research and development expenses, and JPY 93.6 billion decline in profit due to foreign exchange impact. Regarding the operating profit by business segment, for motorcycle businesses, operating profit was JPY 663.4 billion, automobile businesses JPY 243.8 billion, financial services businesses JPY 315.6 billion, and power products and other businesses JPY 9.4 billion operating losses. Regarding the factors of ups and downs for motorcycle business performance, the operating profit amounted to the record highest of JPY 663.4 billion, up by JPY 107.2 billion year- on- year. With factors behind, particularly of the sales impact, an additional JPY 48.1 billion was made, mainly due to sales volume increase. For price and cost impact, an additional JPY 175.3 billion was made due to improved product value and effective pricing in response to the inflationary impact caused by the depreciating currencies in emerging markets, JPY 20.1 billion decline in profit due to miscellaneous expenses, JPY 21.5 billion decline in profit due to research and development expenses, and JPY 74.6 billion decline in profit due to foreign currency. Regarding factors of automobile businesses, operating profit, before reflecting the impact of change of the estimates, profit declined by JPY 189.1 billion year- on- year, resulting in JPY 371.5 billion. Sales impact, profit declined by JPY 333.7 billion due to sales volume reduction and increase of incentives to boost EV sales. For price-cost impact, profit increased by JPY 336.5 billion due to pricing effect that commensurate with improved product values. Expenses, profit declined by JPY 38.2 billion. For research and development expenses, profit declined by JPY 127.1 billion, mainly due to increased resources allocated mainly to EV, currency exchanges, profit declined by JPY 26.7 billion. Regarding the cash flow situations, for FYE March 2025, the free cash flow of the operating companies, excluding the financial services businesses, was JPY 665.8 billion. Net cash balance at the end of the period was JPY 3 trillion and JPY 215.7 billion. Finally, operating cash flow post R&D adjustment was JPY 2 trillion JPY 806.6 billion, and the consolidated earnings forecast for the fiscal year ending March 2026. Regarding the group's sales volume year- on- year, motorcycle businesses, 21.3 million units expected, reflecting an increase in Asia. Automobile businesses, 3.62 million units expected, reflecting a decrease mainly in Asia. Power product, 3.67 million units expected, reflecting the decrease mainly in North America. Regarding the consolidated earnings outlook for the FYE March 2026, operating profit is projected to be JPY 500 billion, and net profit attributable owner of the parent company is JPY 250 billion. For forex, assumption is set at JPY 135 per U.S. dollar throughout the year. Regarding factors behind expecting operating profit year- on- year, the operating profit is expected to be JPY 1 trillion 402 billion, excluding the impact of exchange rate and tariffs, which is to maintain the same level as previous fiscal year. For forex impact, JPY 452 billion decline in profit is expected at dissipating depreciating currencies of the emerging markets to US dollar, and the impact of the tariff is still being examined. However, the potential impact to the best of the knowledge as of now incorporated in the forecast. Efforts to mitigate the impact of the tariffs is projected to be JPY 200 billion. To explain the factors behind apples-to-apples comparison year- on- year, due to sales impact, profit will go up by JPY 156.1 billion with sales volume increase of motorcycles and automobiles in North America. Regarding price-cost impact, profit will be up by JPY 250 billion due to price-cost commensurate with improved product values. Expenses will increase by JPY 219.1 billion, reducing profit. Research and development expenses for the increase by JPY 126 billion, decreasing the profit. Forecast of the capital investment, depreciation, research and development spending, fiscal year ending 2026 is in the slide. Regarding shareholder returns, Honda positions returning value back to shareholders as a top management priority. Starting FYE March 2026, we will change our dividend policy and will introduce DOE as a return indicator. We will strive to pay out aiming for 3%. Despite the business environment being uncertain, we will realize more stable and continuous returns. For FYE March 2025, the year-end dividend is determined at JPY 34 per share and annual dividend at JPY 68.68 per share. For FYE March 2026, expected dividend is to be JPY 70 per share, up by JPY 2 from the year before. Regarding the share buyback of JPY 1.1 trillion that we made a decision on on December 23, 2024, we have acquired the equivalent of JPY 589.5 billion worth of the shares as of April 30, 2025. That concludes my explanation. Thank you very much for your attention. [Non-English content]. Thank you very much for your listening. I would like to proceed to Q&A. Please use the Zoom link that has been provided to you beforehand. In the interest of time, please limit your questions to two per person. When asking, please turn on your camera and microphone. Those of you who have questions, please indicate so with the raise hand button. Please. [Non-English content] First question. [Non-English content]. From Nikkei. Okinaga, please. [Non-English content] This is Okinaga from Nikkei. [Non-English content] Thank you. USMCA, about the tariff. For the time being, there would be an exception, but you have added on JPY 650 billion. What is the reason for this? What is the breakdown? Can you explain? That is the first question. The second question is about the postponement in Canada. Can you explain the reason for that? First, about the tariff. Yes, we have estimated JPY 650 billion, but finished cars and components included, the tariff is very complicated. The calculation that we have done and the basis for this calculation, I think you have seen this, but for the finished cars from Canada to the United States, also from Mexico to the U.S., and from Japan to the United States, there are different tariff conditions that needed to be taken into consideration. The result is shown on the right-hand side. Also about the components, USMCA, if it is within the USMCA, the components are exempt, but there are from tier one, tier two to tier three components. Therefore, we need to have the country of origin certification. This is not fixed yet. 25% is being included because we have yet to obtain the certificate. This included is JPY 650 billion. The motorcycle business is written under, there is an impact. It is a JPY 30.6 billion impact. Power products, again, about JPY 24.3 billion. All added, it comes to JPY 650 billion. This is the minimum at the bottom. I think the tariff impact will continue to change as time goes by. We have to think about these major changes taking place. In the middle, we talk about the automobile parts here in the middle here. There are parts which are exempt from the tariff, but the amount and volume has not yet to be looked into. It is included at 25%. This is said to be JPY 220 billion. These are the amounts that we have calculated. If we scrutinize and come up with the details, there will be a number of components which will be exempt from the tariff. Against JPY 500 billion, how much can be added on is something that we have to look into. The operating profit of JPY 500 billion, this is the bottom, the minimum. Please understand this number to mean that way. How we are going to respond to these tariffs that are included, we want to make a recovery from this JPY 500 billion. About the specifics of how we will respond to, up until March, Canada, Mexico, exports, we want to promote this and build up the inventory in the United States. We have been taking such measures up until that time. In the short run, internally, we want to reduce our costs, thoroughly reduce our costs. In addition to that, the allocation of the finished products, we want to optimize. This has been reported in the newspaper, the Civic five-door hybrid, which is being produced in Yorii. There are the components. Up until June, September, they will be produced in Japan, but then after, will be transferred to Indiana. HCM, the Canada CR-V for the United States, ELP will be producing instead in the United States. We are thinking about the production allocation, optimizing the allocation where possible. For the dealers and suppliers, stakeholders, we are co-creating so as to minimize the impact of tariffs. About the prices, we have to observe what competitors are doing and think about the revision range and which models for which we will revise our prices. We want to be careful and carefully observe what is happening. In the midterm, if the tariff measures are to be in place for a long time, we will have to increase our production capacity in the United States. We have already begun studies on this. First, we have to think about the CapEx. In the United States, they have a two-shift, but maybe we can increase to three-shift production and also operate over the weekend. There is room to increase the production capacity in the United States. We are trying to look into what will happen as a result of that. After will be the CapEx, capital expenditure. At any rate, we have to secure workers and think about the impact on the supply chain because it will be huge. We want to observe what is happening and at the appropriate timing think what needs to be done. We want to be prudent in such efforts in dealing with tariff measures. About the Canada case, last year, on April 25, we made the announcement and the EV, the 240,000 battery, 36 GW per hour, and also the POSCO Future M and Asahi Kasei, the joint venture. CAD 15 billion worth of investment. It was planned to restart operation in 2028. We did make that announcement back then. This was thinking that the EV demand would increase in the future. We have to think about the upstream resources and the downstream service. We want to enhance our Canada value chain so as to create the electrification business in the future. As you know, in North America, the EV market growth is slowing down. As of now, we think that we should postpone for at least two years. This has been decided. USMCA, we are thinking that this will not change USMCA. If the conditions were to change at that point in time, we have to revisit this. As for the specifics, what happens after two years and the starting time of the project, we have to observe what is happening and ultimately make the decision. We are consulting with the Canadian government and Ontario province. As for this postponement, we have already received their consent. That is all from me. Anything to add? Yes, we have provided some additional information. We have included the premises for the tariff calculation. Estimation. We have looked at other competitors' information that has been disclosed. I think the condition setting is quite different company by company. We are wondering how we should be looking at this. We have included this summary. Japanese companies over the past week or so have been announcing different things, including or not including certain factors. GM and Ford, for example, have disclosed their information. Looking at what they are doing, it is a nine-month impact because they close the books in December. GM is looking at $4 billion-$5 billion, nine-month impact. Annually, it will come to JPY 500 billion. Of the JPY 650 billion, as Mibe has said, we have motorcycle business excluding, it's about JPY 500 billion. It's more or less. I think they are JPY 900 billion, whereas we are JPY 500 billion. And Ford also, they have a high ratio of U.S. production. Likewise, if you calculate in terms of 12 months, it's JPY 450 billion. It's close to our number. In Japan, the analysts calculating the net impact, it's about JPY 300 billion. We are JPY 450 billion. They're saying that ours is high, the impact. We are high by JPY 150 billion versus because the motorcycle PP and also the components' tariff impact. As we've explained, USMCA, whether we can comply or not on the components' level is not clear to us. We have to look into the details. Therefore, we are conservative in terms of including this. For Mexico, of the imports from Mexico, there's Prologue, the battery EV from GM. This is also included. I think this is the reason for this difference. JPY 450 billion appears to be quite big. I think compared to other OEMs or the media analysts, though there is a slight gap, we are more or less thinking about the same image. We have added a summary of our estimation assumptions for your reference. [Non-English content]. Thank you very much, Mr. Okinaga, next question. [Non-English content]. Newspaper. Mr. Narahashi, please. [Non-English content]. Narahashi from Yomiuri, newspaper company. Can you hear me? Thank you. I have two questions. One. As Mr. Fujimura said earlier, competitors estimate or not estimate the impact by the tariff. However, you decided to disclose your estimates in detail. What is your intention by doing that? Second question is about your relationship to Nissan. You had, well, those talks were broken up because of business situations over there. They have announced to make recovery plans, and it is difficult for them to survive being alone. However, what is the relationship with them going forward? Will that be the collaborative relationship or any business integration talks be back again? Let's start with your tariff by Mr. Fujimura and Nissan for myself. Thank you very much for your question. We decided to disclose our assumption because the Forex and business economic environments are many uncertainties in those areas. Despite that, we decided that it would be the guideline like this because this is something we should do as a business company. There are areas which are very, very uncertain. We decided to look into the situation as far as we could assess. Of course, the interpretation of the taxation law is difficult to do. We had our own interpretation with the help of the American Honda representative too and estimated impact on the annual business. We decided to assess that and share that with people outside. Even in the company, we could have a better understanding of the potential impact internally in the short term, midterm, long term. We could come up with a kind of mitigation measures. There are things we could do internally as a mitigation or things we can collaborate with the supplier. We could look for the way to speak to the authority, the politics, for instance. There can be those potential mitigation measures that we could think of and then put them on the table. It is a big negative impact, really. That would give a negative impression in a way to you. However, this is the worst-case scenario. We can then try to find out what we could do going forward. I'm not sure if I answered your question. However, this is what we have in mind in disclosing such estimate to you. JPY 500 billion, that's the earliest amount. In order to make it kind of a more reasonably accepted number, we decided to share with you those tables to understand better about it. With Nissan, as of the 13th of February, we disclosed to you about our decision not to go for it. There is no further progress after that. Besides, we had a strategic partnership MOU that was entered in August last year, which includes Mitsubishi Motors. We continue to work on that to try to maximize the collaboration efforts, anticipating the joint research for the next generation platforms and the commonized platforms and the environmental circulation, energy resources, and so on. Those areas are being assessed as well, once again, in greater detail. Today, we are in a very different environment too, including a tariff situation. We are thinking about further collaboration potential in the new environments. Again, the business integration talks will not be on the table for more while going forward. However, we need to try to maximize the benefit out of the collaborative efforts besides. We would like to go on with this strategic partnership so that we can find out new directions for the growth of the businesses so that we can gain the competitiveness to lead the industry going forward. We will make progress in that regard. That is all for Nissan. Thank you very much. Thank you. Thank you very much, Mr. Narahashi. Next question is from Asahi Shimbun Newspaper. Mr. Nishiyama, please. [Non-English content]. Can you hear us? [Non-English content]. Yes, sorry. [Non-English content]. I'm Nishiyama from Asahi Shimbun Newspaper. I have two questions. [Non-English content]. The first question. For the next fiscal year, your outlook? You have given the explanation, but overall, I think the profit is quite going to be dropped, decline. What is your view on this, Mr. Mibe? You said that you are going to take various measures to make a recovery. Can you talk about the specifics? Secondly, about the unit sales outlook? I think the motorcycle was a positive, but there will be a drop in demand due to the Trump tariffs. What about incentives? I think that there is a race for incentives. What are the measures they are going to take? You said that you do not want to add this on to the prices, but still, I think you have to compare yourself to the competitors. What are your thoughts on this? [Non-English content]. About your first question about outlook. Looking at the previous fiscal year, I talked about the new provision, the comprehensive warranty provision, and also the EV provision with GM. We have about JPY 1.1 trillion operating profits. I think it is more or less online. The automobile, there is a drop of 0.43 million units, including the 21,000 in the United States. We think that we can ensure this much profit. Also, the motorcycle 660 and power product 310. We are generating a JPY 1 trillion profit. For the automobile, it's a little less than JPY 400 billion. For BEV, the gross profit is minus JPY 200 billion, and R&D is minus JPY 400 billion. BEV is minus JPY 600 billion. ICE, including hybrid, is about JPY 1 trillion profit. It is such a business. Automobile, ICE, motorcycle, and financial services, we will earn profit there and continue investment for electrification, plus the investors' return. We have tried to balance this. This was the case in the previous fiscal year. Now about the 102 key, as I explained, we are looking at JPY 135 against the dollar. This is quite conservative, but still JPY 135. It is about JPY 450 billion negative from JPY 115. Also, there is the recovery of target. Net is JPY 450 billion. Altogether, this is based on the information that we have locally. As Mr. Fujimura said, the USMCA compliant parts are zero as of now. We think that we have less of an impact as a result of this. In the first quarter, I think that we can enhance the precision of our calculation. With the recovery measures, we want to try to reduce the impact. If it is just about the currency and tariff impact, had we not had this, I think it will be more than our previous fiscal year. We do have the capability to generate the same operating profit. How we exclude and recover from the impact of the tariff policies and to what extent we can do this will determine how much of an improvement we will see for this fiscal year. About this fiscal year of the JPY 500 billion, the BEV market is cooled down. There is a one-time loss possibility accounting-wise. This could become a discussion. We have JPY 200 billion factored in for that. That included, the JPY 500 billion is thought to be the bottom. How we can add on to that and improve will be the challenge for our business for this fiscal year. About the U.S. market and the impact of the tariff policies on demand, on May 20th, we will give you a business update. We will report on the details at that time. The EV market, the growth is slowing down. We have to shift our plan to a certain extent. Put it another way, hybrid, which is our strength. I think we can increase to what extent our production. Our hybrid right now does have product competitiveness to what extent. Incentive-wise, hybrid was less than $1,000. That is a level of our. We want to expand our hybrid so as to, in North America, including the United States, compete. We think that we can compete there. From 2025 to 2030, the automobile business, including preparing for BEV, we want to control well and think about the resources to inject so that from the period from 2025 to 2030, it will be a transitional period, which will be very challenging, where we think our automotive business can expand. That is our current thinking. That's all from me. Anything else? No? Okay. Yes, I think, yes. Just to add to the North America explanation. At the end of last fiscal year, the Passport FSCLX, we had rather fresh new models in place, and it's being well received. Of that, plus, as Mr. Mibe has said, the hybrid, Accord, Civic, CR-V, these models are still receiving a lot of high appraisal from our customers. I think we can compete in the marketplace with these models. As of now, North America market on the whole, I think just like last fiscal year, we think the market size will be more or less the same. We have to think about the impact of the tariff policies on the total demand, as Mr. Mibe has said. We have to adapt flexibly to the changes that take place and support sales. That is all. Thank you. Thank you. Thank you, Mr. Nishiyama. Next question. 東洋経済。 Mr. Yokoyama, please. 横山です。 Yokoyama from Toyo Keizai. Can you hear me? Hello? 二点目が。 You talked about Mr. Mibe, about the years from 2025 through 2030, the tariff impact will continue on not just this year, but next fiscal year. I was like an 8%-10% rate for the IRS. Apparently, this year, you have a one-time transgender amount. What is the target profitability in mind? You said that the investment in Canada is to be suspended. Mr. Trump is focusing on the tariff. In the future, there will be the talk about the environments as well. How much effort would you like to make for the battery EVs? Would you like to revisit your targets going forward for 2030 or 2040? I would like you to give us your thoughts for the mid-long-term span. The second question is about the human resources issue in April. Mr. Aoyama, the Executive Vice President, retired due to inappropriate conduct. Mr. Aoyama had a very broad area to be looking after. This year, he has been gone. How would you like to address the loss of him? Of course, Kaihara-san is here and the others have been promoted. How would you like to address the changes of those human resources? Mr. Kaihara is going to explain the first part, and then the rest for myself, by myself. Thank you very much, Mr. Yokoyama. It is a difficult question in a way because in the business update, we would be able to give you some ideas about it. However, at high level for the BEV, we are going to delay the resources to invest. From 2025 to 2040, for the carbon neutrality targets, we need to have the battery EVs be prepared in terms of the number of the models or the volume to be appropriate. We will continue to prepare for that. That will be of the level of a certain level of the efforts for the gross margin and around the efforts and so on. As for the gross margin up until 2030, I should not say too much because we anticipate a business update opportunity next round. We are going to have new technology-based battery EVs, lots of prospective ones. The question is how much profitable it can be going forward. Also, we have made investment for the battery factories so far. There are some negative areas that we could accept as well from that too. The battery EVs, how much of a profit we can take, that's one thing. As I said earlier, ICE models with the current forex of JPY 150, the ICE model can get us JPY 1 trillion revenue. The forex is going to change. However, we're going to continue and have to reduce, of course, the ICE models going forward. Besides, I'd like to make the BEVs a bit more competitive with the next-generation models added. We'll keep getting profit from ICE whilst doing that effort. ROIC, ideally, should be achieved to be greater than the financial cost. The 10% ROIC target is no change. We need to have the 7-8% growth to achieve that. It is not just really for 2026, 2027, and so on. From 2025 through 2030, we will manage those indicators this way. BEVs efforts and EV/FCV target for 2040. Your question is about our target for that. In Trump's administration, there are environment measures and regulations have been kind of retracted with the ACC2 and so on. However, though it is not finalized, they probably would revisit them quite substantially. The plans we have, especially with regard to the volume, would not be the area that we would have to persist to going forward. However, for carbon neutrality, the BEVs could be the optimal solution to achieve it. That's the standing idea. Honda have announced the Zero Series EVs earlier. We would like to push forward the plans as we had planned already. Of course, the volume may be a little bit down in terms of the production volume. The number of the models may be a little bit less than we were anticipating. We need to continue on our efforts launching those products to stay competitive. Those products have to evolve by themselves based on the competitions in the market. We need to allow that. The BEVs will be, of course, be available from our company continually. We will continue to do that. In the next five years, the U.S. market would have a slower progress of the EV use. From 2030 onward, maybe we can accelerate our actions for the environment. The final goal still stands. That is the carbon neutrality 2050. How we get there, what route we get there, we need to assess that once again. Carbon neutrality target in 2050 must stand. We have to again reassess the situations to be in 2040. We anticipate people would drive the cars for 10 years. In 2040, we need to make the carbon neutrality kind of vehicles available. I would not say that we are revisiting them substantially. We need to look into the scenario from 2030 to 2040, given the environment in this period. By 2030, I can say that electrification strategy needs to be revisited. As for Mr. Aoyama, he has resigned from his position. I really feel that we would like to extend our deep apology for troubling people such as customers, suppliers, shareholders, and our colleagues, all the stakeholders. Mr. Kaihara is going to cover as the Executive Vice President. Mr. Inoue is going to be the head of the automobile business division. He is going to look into the operations of that area. Each business domain is actually supported by the leading persons. I am very sure that those human allocations will be good enough to keep going in a good way. Thank you very much. Thank you, Mr. Yokoyama. [Non-English content]. Are there any other questions? [Non-English content]. TV Tokyo, will you please? [Non-English content]. Can you hear me? Yes. [Non-English content]. My name is Minamisawa. I am subsidiary firm Mr. Ue. Question to Mr. Mibe. Represent? [Non-English content]. For yesterday. The U.S. and China have decided to reduce significantly to U.S. and Japan negotiations. What are your expectations, if any, towards those negotiations? For about the U.S.-Japan negotiations, and it is still ongoing. On our part, we want to see that there is a global free trade because this will be the best for our business. In the case of Honda, we are not exporting from Japan to the U.S. in such a large volume, so there is little impact there. USMCA, we have the policy to produce where the demand exists. Therefore, based on this policy, we have been doing global business. In Mexico, Canada, and the United States, that is the USMCA, based on this agreement, we are looking at North America as one single market and build a supply chain in North America, including these three countries. About the U.S. and Japan negotiations, it is not just limited to the United States. USMCA is the basis of our business. Therefore, we want the USMCA to be in place so that we can do business in a free environment, not just Mexico and Canada, but also for the American auto industry. I think this is the best answer, best solution. For us, we want to see that the free trade environment can be rebuilt. We want to approach the government and others so that this will be realized. In the past, we've been doing this, but we will continue to work to try to make this happen. That is all.