【テロップ】
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【ノート】
This waterfall chart shows the major components of Y/Y change for our full-year operating income forecast.
From last fiscal year, we have been investing for future growth and restructuring. As you can see, Y/Y increases in such investments are depressing operating income on a Y/Y basis. However, we have already passed the peak for these investments. Going forward, while being more selective about investments, we will leverage the enhanced competitiveness resulting from such investments to transition into a growth phase.
In October, we discussed the impact of an increase in inventory reserves on operating income. I will touch upon inventory conditions in the next slide.