business report 2004 fiscal yea end march 31 2005 a message to shareholders during the first half of past consolidated year our nation s economy was affected by rapid rise oil prices but generally speaking economic conditions continued on path recovery corporate profits were greatly bolstered increased exports united states and china there steady capital investment in private sector improvements seen personal spending employment income however second saw growth coming standstill as costs raw material strength yen slowdowns it related demand led inventory adjustments stagnated decreased chemical industry rising materials due increase overall atmosphere favorable other parts asia grew enabled product price corrections against this backdrop that group began three medium term management plan called innovation 88 under polyurethane imaging segments
