In the first quarter of fiscal 2012(January 1 to March 31, 2012), the Companies’ operating environment was plagued by raw material prices remaining at relatively high levels and the continuing strong Japanese yen. Despite these challenges, the domestic economy showed signs of recovery, including demand created by re-building from the Great East Japan Earthquake and rebounding sales of new vehicles. The United States economy was gradually recovering, while the financial crisis had had an impact and damaged the European economy. Asian economic expansion showed signs of a slowdown, particularly in China and India.
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