On October 1, Prime Minister Shinzo Abe's administration decided to implement bold economic measures and raise the consumption tax for the first time in 17 years. These actions reflect the government's determination both to revitalize business and restore public finances on the back of Japan's economic recovery. This is a proactive stance to follow.

These decisions demonstrate how the current focus in the management of the country's economy has shifted to considerations of how the consumption tax hike will affect business conditions, along with the Abe administration's so-called "third arrow" reforms and efforts to steadily implement the growth strategies it has designated. The government has also decided on an economic stimulus package of around 5 trillion yen, intended to generate a virtuous cycle in the economy and spread the benefits of growth to every part of the nation. So, even though the consumption tax will be increased, expectations in the market for Japan's economic comeback are growing day by day as the government works to bolster business sentiment and consumer confidence throughout the nation.

Assuming that the country's growth strategies gather steam, as industrial leaders, we must take our stakeholders down the same path of growth pursued by each individual company. To do this, it is essential to explore ways to achieve innovation, take full consideration of risks, and envision and carry out groundbreaking new business strategies with a sense of urgency. That begins with converting the development-oriented investments of the past into profitable returns, and creating a next-generation investment strategy geared toward reinvesting profits in future growth. These tasks have emerged as our management priorities for the medium and long terms.

At Toray Industries, I have been carrying out corporate management with the strong belief that "materials have the power to substantively transform society". Now, as we reach the end of 2013, we are seeing signs that Japan's economy is actually transforming, climbing out of the so-called "two lost decades." With this in mind, we at Toray Industries intend to carry out growth strategies while carefully overseeing the company's entire supply chain.

Japan is basically a trading nation, and while it is not rich in minerals or oil, the country is highly capable of producing all kinds of products that can benefit the world. Amidst efforts to revitalize Japan's agriculture, forestry and fisheries sectors, we are envisioning a new national character and an ideal manufacturing nation driven by a broader and more balanced industrial structure. Now is the time to move forward and make this a reality.