 Today's session is about Japan. What are the transformation imperatives for Japan? What are the strengths and values that Japan can draw on? What are some areas that require reforms? And what lessons might Japan hold for the rest of the world? We have a diverse slate of distinguished speakers and commentators with us today. And rather than introduce everyone together, I will introduce each one of them one by one just before my opening question to them. First, a bit of background to this session. The word unprecedented has been used with unprecedented frequency when it comes to describing the COVID-19 crisis. Its consequences are far reaching, wide-ranging across the planet, more so than anything else in living memory. To address this, we must learn from each other's experiences. And to that end, the World Economic Forum through a regional action group has been bringing global leaders together to shape a world that's more sustainable, more inclusive, and more resilient based on stakeholder principles. Stakeholder principles are not new to Japan. The Japanese tradition of Sampo-Yoshi, which translates to three-way satisfaction between the seller, buyer, and society at large, dates back 500 years. So drawing on that history and philosophy, Japan today has the opportunity to become a leader in stakeholder capitalism, while at the same time tackle some urgent reforms. So today's title question is this. What approaches, what practices, and what partnerships should Japan pursue to shape a positive post-COVID era? So let me go straight to our distinguished panel. First, Mr. Kengo Sakurada. Mr. Kengo Sakurada is the group's CEO of Sampo Holdings. He's also chairman of the Association of Corporate Executives in Japan, one of the most influential business associations in Japan, giving him a panoramic multi-sector view of industry. Mr. Sakurada, as chairman of the Japan Association of Corporate Executives, what do you think are the fundamental changes brought on by the COVID crisis? Thank you. Thank you for having me for this exciting session. And first of all, I have to thank you for describing the Japanese situation as accurately as possible. So there's nothing I could add actually, but for the sake of myself, I would like to say something. As you know, the many countries have already promoted globalization and digitalization under the current capitalism, and they have enjoyed technological innovations that generate profit. While this has resulted in dramatic economic and societal development, it has also created inequality, environmental destruction, and other distortions that leads to a level that we cannot ignore anymore. The pandemic, as you know, highlighted these negative aspects and pose an important question or doubt about the sustainability of human society. The world is now capitalism, sorry, the world is now standing at the historic turning point in search for recalibration of capitalism or new capitalism. As for Japan, after reaching one of the world's top economic powers, it has been staying in a comfortable zone and going down the hill very slowly for the last 30 years. Because of that comfortableness and slowness, there's been little sense of urgency like the boiling flogs, and that has recreated a lot. Japan has not challenged seriously enough many of its macro problems such as aging society, declining population, and low economic growth, and therefore worsening fiscal deficit. Although, luckily enough, the deficit itself has been financed domestically so far. We have not taken enough risks to address insufficient diversity and low productivity. Now, COVID crisis has brought to the light these issues simultaneously. We should utilize this momentum to reconsider society itself and the behaviors of individuals or the companies. We must accept this could be the last chance to make changes. We should not return to the former state like shape memory ally, which is an ally that returned to its remembered shape when heated. In our future society, the new normal is characterized by discontinuity or constant discontinuous changes. Conflict division over national interests might deepen an international community. The cost of COVID future calls for our college to act with commitment and ambition to break away from the past and envision the future we wish to create. Thank you. Thank you so much, Mr. Sakurada. Let me now move to our next speaker, Robin Niblett. Dr. Robin Niblett is Director and Chief Executive of the Royal Institute of International Affairs, or Chatham House, as it's famously known the world over. Before joining Chatham House in 2007, Robin was the Executive Vice President and Chief Operating Officer of Washington Bay's Center for Strategic and International Studies, CSIS. He currently co-chairs the World Economic Forum's Global Futures Council on Geopolitics. Robin, from your vantage point, what are the major geopolitical challenges of our time and what role can Japan play in promoting multilateralism? Well, thank you, Lucy. Thank you for the introduction and I appreciate this opportunity to join the regional action group on Japan to discuss these topics. Let me use my time as efficiently as possible. I think there's a very simple answer to your first question. The major geopolitical challenge facing the world right now is the greater and growing strategic competition between the United States, its allies and China. This competition, which has been rising for a while, has been intensified, as you all know, by the Covid pandemic and the fact that China is emerging probably stronger from this crisis than it went in, certainly in relative terms. It has exposed the vulnerabilities and the weaknesses of many of the developed economies, certainly in terms of their supply chains, their access to vaccines, to protective equipment, to deal with the pandemic. It's exposed to European as well dependencies on the Chinese market. And in return, it is a reminder of China, of its vulnerability and its exposure to Western markets, especially after the Trump administration. What we've seen, I think, driving this process as well is some greater Chinese assertiveness in its foreign policy. You all know the list in Hong Kong, Taiwan, Senkaku Islands, particularly relevant, obviously, to our Japanese colleagues here, the South China Sea, Australia, etc. India. I think most importantly, though, on this is that it is also, I think, morphing into an ideological competition. I heard Xi Jinping, President Xi's comments earlier in the Starvoss agenda, saying it is not ideological. This is more about great power accommodation. But I fear that it is going in that direction. And this is why, speaking from Europe, there is a sense that Europeans as well are starting to align more closely with the US. I know there was a lot of criticism in the United States of the EU signing its comprehensive agreement on investment. But I do feel, in my opinion, that this was a high water mark, a top end, really, of EU China cooperation for the moment, with new investment restrictions, maybe a border adjustment mechanism emerging to deal with climate change. And with the UK having abandoned, I think, its golden era with China, we are heading to a more competitive environment. And I think we're going to see at the beginning of this Biden administration coming together of the United States, Europe, and other allies around the world, I think, including Japan, on trying to think how do we together protect democracies, protect democracies at a time of rising Chinese influence and power, which is not, obviously, based on the same democratic values. So we really face a fundamental dilemma. How do we address shared challenges with China, which are many, many, many, climate change, the global health pandemic, development in Africa, et cetera, while at the same time taking this slightly tougher position? And I think there is an answer here, and this will bring me to my second part of what I want to say, which is what Japan does. I think that the having greater capacity to compete actually might make it easier in the long run for the US, Japan, European countries to cooperate with China is partly because of our sense of weakness that we are finding it difficult. I read with great interest the paper prepared by the regional action group on Japan ahead of this, and I suppose of its four great resets. The fourth is resetting the global collaboration framework, and in particular Japan's role in this process. What I would say is that I noted in there this idea of Japan being a great mediator for transnational cooperation amongst the private sector to try to avoid a decoupling emerging between the Chinese market and, let's say, Japanese, US, European. And I think what I would say is I agree, avoiding decoupling is important, but I think that is not sufficient. The pressure for some decoupling is intensifying right now. You read the latest paper by Eric Schmidt and Jared Cohen, formerly Eric Schmidt with Google, pushing and talking about the needs for some decoupling in the US. The question is, can Japan cooperate from a position of strength? Can Japan help as part of its collaboration reset, and it's helping a multilateral cooperation? Can it help make a stronger alliance to then collaborate from strength with China? And I think there are five ideas. I'll lay them out very quickly in just one minute. First of all, I think Japan needs to lean forward into its role in the G7. As you know, on the British presidency this year, there was an intention to start to explore enlarging the G7. But I think the Japanese voice into which countries should be brought into this broader process of community of democracies will be very important. I would argue don't be too limited by just 10. I think having a broader set of voices from around the world would be important. To what purpose are we enlarging the G7? And I think more secure supply chains, greater technological capacity, AI, et cetera, which Japan has such great contributions to make, will be very important. If the West feels stronger technologically, it will be in a stronger position not to decouple from China. Second point, use Japan's leadership on the Trans-Pacific Partnership, the now the comprehensive and progressive Trans-Pacific Partnership, to enlarge the community of democratically minded countries that are setting standards for data sharing, open trading, investment rules, data storage. Could Japan open up doorways and conversations with the EU and the UK? I think it'll be very difficult in the time being with the U.S. But this would really help Japan do what was proposed in the paper, move from being a rule follower to a rule shaper, use its position in TPP. I'm not sure that the regional comprehensive economic partnership and TPP will be able to be linked together so easily in the near term. I think the three other things which I don't need to say much about, but I'll list them, support open internet in the UN. Very important to have Japan's voice alongside Europe and America on that. Obviously supporting WTO reform, especially, which is noted in your paper, especially on the issue of subsidies for countries with large state roles in their economies like China. And finally, finally and importantly, COP26. It's implicit in the whole paper on the other three resets. Climate changing, addressing it, this is essential. Very promising sign by Prime Minister Suga in October committing Japan to the 2050 net zero target. Can Japan and can Japan Japanese companies push for some clear nationally determined contributions so that we give real meaning to this idea at the 2050 commitment in the Glasgow summit that will take place in November, the COP26 summit. Having a strong Japanese voice on this with maybe some legally committing commitments to this target, I think will be incredibly important as well as all the great technological work that Japan is doing on batteries and circular economy, etc. So I'll stop there. Thank you for the opportunity. Thank you. We heard first of all a voice from inside Japan asking for a greater sense of urgency to recalibrate domestically and now a voice from outside asking Japan to lean forward and have a louder voice in international affairs. Let me go back inside again to invite Professor Hazel Takenaka. Professor Takenaka is a former minister in the cabinet of Prime Minister Koizumi, having held at various times the portfolios of economic fiscal policy, financial services, privatization, internal affairs and communications. His pre-ministerial academic career saw him at Harvard and the University of Pennsylvania and since leaving government is returned to academia now as Professor at Keio University. Professor Takenaka, good to see you again and my question for you sir. When we talk about transforming an economy from shareholder capitalism to stakeholder capitalism, what does success look like at the macroeconomic level and what are the priority steps that Japan should take to effect that transformation? Well, thank you very much Chairman for this opportunity. Well, how to reform Japan and Japanese economy under such a situation COVID-19 and how to strengthen our stakeholder capitalism, this is a very important topic I understand. Well, regarding the Japanese economy, I'd like to mention the short-term problem and mid-term problem. In the short run, well, Japanese economy is also very seriously negatively affected by this COVID-19 crisis. In the second quarter of last year, the GDP growth rate was minus 29%, very serious negative growth we experienced. However, on the other hand, the rate of unemployment increased only by 0.5% from 2.5 to 3.0%. And also the number of bankruptcy rather decreased under such circumstances. This is partly reflecting our merit of so-called stakeholders' capitalism. At the same time, of course, stakeholder capitalism has its strengths but also its weakness, where this is indicating at the same time the transformation of the industry of the structural reform of the industry, the speed is very slow, as I've mentioned by Sakura-san. But anyway, in the short run, economy is relatively stable because of a very unique Japanese system also partly owing to the strong support from the government. Well, based upon that, we have to consider at the same time the medium-term problem. Now, well, in the corporate sector, a corporate debt business debt is increasing dramatically because where the government and the banking sector is supporting these companies, providing huge liquidity. And so because of that, the business is surviving. But well, sooner or later, this will become a very serious problem, corporate sector debt. And very interestingly, at this moment, rating agency, leaving rating or scoring unchanged. So this is the consequently, this is indicating even in the banking sector, the non-performing loan is not increasing. But from here on, we will face this kind of problem, the excess debt of the corporate sector and non-performing loan in the banking sector. This is exactly what we experienced after the birth of the bubble in the 90s. I was in charge of the disappointment non-performing loan at that time. This must be a relatively tough job. Well, this is a, you know, this kind of problem is existing. Well, Professor Siddiqui-san asked me, why would it be the main factor to strengthen our economy? One is, well, there could be two factors existing. One is, for example, well, in the case of Japan, business startup ratio is quite low, about half of that of the United States. At the same time, business closing ratio is low, about half of that of the United States. But this is indicating so-called metabolism of the industry, metabolism of the, you know, businesses, companies are quite low. In order to strengthen this metabolism, increase this metabolism, well, two factors are needed. One is to strengthen the corporate governance. The corporate governance, this is actually happening. And the corporate, well, say, governance score is going to be strengthened again. And, well, this is where it started. This started at the time of Abe government, and the new Prime Minister Suga is, you know, going to succeed this kind of idea. Another one is the labor market reform. Well, labor market, basically, the traditionally Japanese labor system is supported by the long-term lifetime employment and seniority-based space system. Of course, now the reality is changing. The labor market is becoming much more flexible. However, still, we need more effort to change this type of very traditional style of working. But so this is exactly what's needed as a structural reform of the Japanese society. And new Prime Minister Suga is going, is very eager to realize that in my understanding. But anyway, at the same time, we have a great chance because Prime Minister is going to establish the digital agency to reform digital transformation in Japan. And Prime Minister Suga very clearly declared the carbon neutral by 2050. And in the third supplementary budget last year, the government realized the so-called green fund to support the carbon neutral. But from here on, we have to discuss very seriously carbon pricing policy. Carbon pricing is not employed here in Japan. But sooner or later, we have to discuss this very difficult problem of carbon pricing issue. Still, we have a lot of problems with aging issue. This will be discussed later on, maybe Professor Gratton and so on. And also, fiscal consolidation is needed and not this kind of macroeconomic problem is still existing. But anyway, as I mentioned, for the further development of the Japanese economy, the strengthening the corporate governance and also much more dynamic labor market reform is needed. So based upon that, we will be able to strengthen our so-called so-called stakeholder capitalism. Thank you. Thank you very much, Professor Takenaka. It sounds almost as if the third arrow, as we used to call it from before, the third arrow of economics, you need that in a supercharged manner right now. But also, there are new engines of growth, the digital transformation and the green sector. Thank you for your comments, Professor Takenaka. Allow me to now move on to Professor Linda Gratton. Professor Gratton is Professor of Management Practice at London Business School, where she directs the program called Human Resource Strategy in Transforming Companies. She has written extensively about new ways of working, the rise of complex collaboration and the impact of longevity on society. Her book, The Shift, received the best book of the year award in Japan in 2012. Professor Linda Gratton is now the moment of opportunity to radically change workplace practices and the way employees operate in companies and specifically for Japan. What transformations are required within Japanese companies so that they can be more productive or diverse and more inclusive? Well, thank you so much for this opportunity to join this extraordinary group of people talking about something that's very, very crucial and might also as co-chair of the Council on jobs. I'm so pleased to be part of this group and bring to you some of the ideas that we have of jobs. But, of course, today we're speaking specifically about Japan. Just a moment really of reflecting on Japanese practices, which I now know into our second year of COVID probably seems like a long way away. But let me just reflect on certainly what I saw in the many years that I've been studying and coming to Japanese corporations. First of all, a very clear view that for people to work together, particularly knowledge workers, they needed to be present with each other. So, an idea that face to face was absolutely crucial. And that actually drove a whole set of other complex issues around the use of the office that people needed to come to the office. The fact that they had to be together often in a headquarters in Tokyo, which meant that many Japanese workers were commuting two hours each way to their office. And also an idea that decision-making could be made also in that way. And we knew from the beginning that this was problematic. That whilst on the one hand Japanese practices had built much of the long hours of culture, the presenteeism, had built the basis of Japanese industrial society, it was now beginning to work against the organization. And as we heard earlier, this has resulted in part of the result of the slowdown in the economy, but also the inflexibility that seems to be problematic. And I want to just point to a couple of issues that it was beginning to create. One was location. I sat on Prime Minister Abe's council looking at how Japan could prepare itself for the future in terms of its aging population. One thing that came out very early is that this focus on Tokyo, and by the way we have the same issue in the UK, meant that many regions outside of Tokyo were really not building that sort of entrepreneurial spirit, were not attracting young people, were becoming really places where just old people lived. And so that was one problem. The second obviously was gender. Now across the world, people feel and think that Japanese women don't work. That's not true at all. In fact, actually Japanese women are just as likely to work as American women or women like me in the UK. However, when they have children, they're much less likely to go back to work. And as a consequence of that, the senior echelons of Japanese companies have very few women in them. There was an issue about health. These long hours were definitely creating health problems. But also in terms of globalization, I was talking to people in the US and the UK subsidiaries of Japanese multinationals. And they felt that they weren't really part of the decision making, that they felt that the decisions were being made in Tokyo. It's very difficult for them to be part of it. Now, I am not saying anything that everybody who runs a Japanese company is already knowing. And I remember talking to a Japanese CEO some years ago and saying, and he was saying, how do we change this? And I said, it's almost like a walnut. You know, it's the whole system is so tight. Either we try and prize it open, or we take something and we smash it. Well, that's what COVID did. It was an absolutely extraordinary smashing of that walnut. And I followed that from the very beginning. I'm very fortunate in that respect to have great context. And actually, the company I want to bring to your attention is Fujitsu, who's no different, I think, than the other companies in this room. But it just happens that we've been following it. And this is what happened to Fujitsu. Within one week last March, after we'd all come back from Davos, they moved 80,000 people out of their offices, into their homes, 80,000 people in one week. And actually, we looked at survey data before the move and after the move. And people before the move said, the office is the best place for us to work. That was really how people felt. But after the move, people were saying, we don't want to go back. And in fact, the CEO of Fujitsu is indeed, I think many of you have said, we're not going back. So what does not going back mean? Well, let me give you a couple of observations about that. And I've actually written about the Fujitsu case in a Harvard Business Review article, which will be out in May. And so I'll say more about that. But here's a couple of obvious things. Firstly, what an office is completely changes. So you have to think about how do we build collaboration? How do we build innovation? How do we build satellites right across Japan that allow people to work nearer their home? Secondly, we need to think much more about time. How do we use time, particularly as knowledge workers, you know, time based performance is very important in factories. So if you're on a Toyota factory line, if somebody works eight hours, they do more work than if they work five hours or six hours. But that's not true for knowledge worker. And I think the challenge we face in Japan is moving our performance systems for ones which were primarily built for Japan's great growth, which was around its factory systems to something which is much more around knowledge workers. So we have to change the way we think about productivity, and we have to change the way we think about time. But there are real prizes to be won here. And let me let me just mention a few of them. Number one is it will give Japan access to the globalization of talent, both in terms of its Japanese people, but also bringing ideas inside. We heard earlier about Japanese entrepreneurial rates, which are lower than most developed countries. And that's in part, I believe, because young Japanese kids who would be entrepreneurs are not connected enough to the rest of the world. This could create stronger globalization of talent. Secondly, it'll change the way we think about innovation and change the way Japanese it will give Japanese organizations an enormous boost. My God, if you could move 80,000 people from an office into the home in one week, what else could you do? It's a huge boost to how we might reinvent and reinvigorate Japanese. And finally, as Professor Takenaka said, it's the beginnings of building a flexible labor market. Thank you. Thank you so much, Professor Gratton, for that very positive energy that was really, we needed that shot. And I loved your comment about access to global talent. One of the puzzles many of us feel is why isn't Japan or Tokyo more of a hub in the way that some other cities are in Asia Pacific? So this might just open up that opportunity. Could I come back to Mr. Kengo Sakurada, please? Mr. Sakurada having... Have you listened to everyone talk about the macro and micro issues? What are your thoughts now about the post COVID future? What insights can Japanese business leaders draw from the country's own stakeholder value system to build back better? Thank you. Thank you for the great question. Since we have just started the journey, new journey to search new capitalism or sustainable or stakeholder capitalism under the great reset, I would like to talk about Japan's practical wisdom and pink color. Let me explain pink color later in detail. But firstly, I'd like to touch upon Japan's practical wisdom. Japan's personal wisdom, this is historically cultivated to control and organize barbarians or warriors in an ancient civil war period in Japan. At that time, the kingdom leaders were always at discs in the turbulent society because of violence and discrimination. I would say that the Japan's practical wisdom is a rule of conduct that emphasizes the spirit for common good and the balance between autism and self-interest in order to control many, many warriors particularly or practically. And this is a tacit wisdom of self-control system for society. Under this new rule of conduct, under this rule, individuals implicitly act for the common good of society without top-down instructions or predetermined dogma or specific religion. We have learned practically under the rule of conduct that trust in society, a long-term relationship within the community can help control society in a better way. I'd like to give you an example of Japan's practical wisdom. As you know, 10 years ago, Japan was hit by a major earthquake. Lifelines were cut off and this made it difficult for all people to obtain necessarily the necessity of life. However, in that chaotic situation, victims of earthquakes lined up neatly for hours to receive the relief supplies and they shared those supplies with others when necessary. No rooting, no looting, no let-along, no rioting. Another example should be Sampo-Yoshi, as you correctly put that, or quoted by Professor Shueff as a key to stakeholder capitalism. This wisdom is translated as three-way satisfaction. Three means business should provide benefits for buyers and sellers and eventually society. Sampo-Yoshi and the rule of conduct, which I described at the beginning, is well explained in the book titled BUSHIDO written by Dr. Inazo Nitobe. And it has common philosophy and influenced very much the formation of Japanese society now. I believe this Japan's practical wisdom can help building a sustainable society and acting for the future. I will say that I must of course accept that Japan's practical wisdom could lead to challenges such as too much conformity and monoculture and penchant for membership type of corporations, as Inazo said. For the last 30 years, Japan has stayed in a comfortable zone and seems to postpone necessarily but sometimes painful changes in the society. However, in this particular situation, pandemic crisis hit the world and sustainability of society was questioned. I would like to propose now, now is the time for Japan to contribute to build a sustainable society by leveraging her practical wisdom. And because I'm a business person, I would like to give a real example of using Japan's practical wisdom. That is pursuing pink color society, as I described at the beginning. Pink color means that people live long and spend their last days by enjoying laughter and eventually experience a swift death. My company entered nursing care business as an investment for the future to make Japanese society sustainable. To tackle the issues such as growing cost of nursing care and the shortage of human resources to support the operation. And we are trying to transform nursing care business by employing technology, particularly data and digital technologies. We are now seeking sustainable nursing care, which allows individuals to live out their lives in their own ways. Our goal is to realize the pink color society, a society pursuing a long and spied, spied life, and quick and painless death. Long lasting happiness of elderly will have to reduce the cost of elder care and solve the human resource shortage. In turn, this should have a positive impact on a nation's fiscal soundness. By creating a model for sustainable aging society, I'm convinced that we can contribute to the world that is facing the same problem to no later. This should be our realistic contribution to achieving the SDGs. As you know, Japan has the third largest economy already. In addition, Japan has resources for growth, future growth, such as technological capabilities, and high quality real data, such as medical data from universal health insurance system. So Japan can contribute the great reset, mobilizing these resources, and Japan's practical wisdom. As a conclusion, I would like to highlight again Japan's practical wisdom and pink color to realize our sustainable future. Thank you very much for your time. Thank you so much, Mr. Sakurado. May I now invite, we have two distinguished Chairman of the Boards here with us today. May I first invite Dr. Nobuhiro Endo, Chairman of NEC Corporation. For some quick comments, please. Thank you, Professor Siddiqui. Thank you very much for your kind introduction. Following today's discussion, let me talk about my thoughts on companies' role in the human society. A relation between the companies and the human being society is, I believe, is the two sides of the same coin. Because for human being, society, sustainability is of great importance. And for companies, the most important thing is business continuity. So when the company creates the values and contributes to the sustainability of the society, then the society can keep the sustainability and evaluates the values of the contribution of the company. And as a result, the company can continue to work. Therefore, sustainability of the society and the continuity of the company are supporting or aligned each other. And these two are actually two sides of the same coin. I really believe that. And considering those, the company needs to recognize that we have a quite important role, not only to create a value, but need to indicate or to show the long-term vision of a human society. I do believe that only the company can do that. So in other words, incorporating societal issues and the essential of the requirement of the human society into strategy and operations by continuously posturing a deep dialogue with the society is extremely important for the continuity of value creation and continued contribution. So the one company can do complete the long-term vision by themselves. So we really like to contact with other companies and discuss how to indicate human society's long-term vision. For example, in the area of the energy, food distribution, technology uses, especially focusing on the total optimization as a global solution. Thank you. Thank you so much, Dr. Rendo. Now may I invite Mr. Sunichi Miyaga, Chairman of Mitsubishi Heavy Industries for your valuable comments. Thank you very much, Professor Siddiqui. I have prepared my statement or comments, but after listening to many distinguished speakers saying, I would like to stress three things. One is the COVID-19 is a, I think, a fast and grave, gave a fast and grave damage, but the, I think the, this is, we need to, yes, make this pandemic, yes, accelerate the kind of the stakeholders' capitalism and the, that is, I think the, it's a more advanced, yes, philosophy and elaborated, yes, capitalism, yes, the capitalism itself, the change evolved and over, from time to time over 19th and 20th centuries. And now the, we, we need to, yes, think about the stakeholders' capitalism. It's, I think, the, without this, this kind of philosophy or concepts, the, it will not be able to, yes, sustain our world, yes, which is going to be, yes, exposed to the another kind of pandemics and other disasters, natural disasters and others. And so it is very important. And so, yes, promote aggressively that kind of stakeholders' capitalism. We should not going back to the old systems and society, but the, I think, to completely, yes, renew our systems quickly is a little bit difficult and dangerous. And so for some, a little bit longer time, targets and effort, we need to, yes, we should, yes, change drastically. But the other areas we had better, yes, skip some areas and try and adjust and so on. And sometimes we have, we have to jump to some extent. That is number one. And I think the under, I believe, the stakeholders' capitalism is very similar to the Mr. Sakurada said, as Mr. Sakurada said, the three-way or the other people say, the three-way or multi-way satisfaction, or the, that kind of concept or business philosophy is common in Japan. But the such philosophy and our activities and business operations are sometimes a little receptive or passive. So we should, yes, make or change our business activities more active or interactive with the overseas partners and business systems. That is the, I think the, sometimes Japanese society, yes, would tend to endure. Of course, endurance is very important and effective to overcome the difficulties. But the, at the same time, it is good for some closed and homogeneous society. For the diversified societies and the many which consist on the various kinds of originality, we need to, yes, find, I think, some, the common universal, yes, are areas of the duties and also to satisfy some regional differences. It is very important. So we need to, Japanese society, Japanese business leaders should become more explainable and they find some other global or the international way to overcome or to satisfy. And number three, the last, I think to do so, the, we had better find or make our efforts to find a very good advanced statistics using artificial intelligence and digital, yes, visualization. And it is very helpful to promote the capitalism, stakeholders, especially the metrics area. It is very important. And the Japanese society or the Japanese business society is very much capable of doing so. Thank you very much. Thank you so much, Mr. Miyagi. And with that, we bring today's session to a close. We conducted a sweep of issues and gathered many insights for action in a very short space of time. Extremely valuable. I'm sure to our audience from Japan, Asia and the rest of the world. Very grateful to the speakers for your contribution. And thank you, everyone, for joining us. And with that, we'll bring this to a close. Goodbye.