The phrase, "Since the bubble economy burst" (or some similar reference to Japan's booming economic period of 1980's) seems to have become the norm when one speaks of today's economic situation in Japan. It appears one's poor performance can be simply excused away by blaming the problems on the bubble economy.

The Japanese Government has attempted to stimulate the Japanese economy by injecting over 100 trillion yen into the economy in various forms for the past 10 years. The sad truth is that these same stimulus measures have worked to keep the economy at the current levels. However, the Government has taken the most important step; that of straightening out the banking problems, and the results are now beginning to be felt. Although it will require time and patience for Japan's banking system to recover its stability, the course has been firmly set, and the market is now accepting it. Other very good news is that Asia is coming back fast (or faster) than the market predicted. We are seeing a strong recovery through A&D's business as well.

Speaking of A&D's business, we closed Fiscal Year 1998/99 on March 31, 1999. The International Division's growth was 14%, owing to an especially strong demand for our Medical and Value Weighing products throughout the world. Our off shore production operations in Korea, China and Australia are now steadily producing products at competitive prices, while retaining A&D's high quality. We are now beginning to reap the rewards for our past hard work and investment.

But we are not resting on our laurels. This year we are launching innovative new products in all our divisions.

As you can see from the front page of the International Division's website, we have launched the UA-767PC Blood Pressure Monitor as a next generation product in Medical. This monitor communicates directly with a PC (home or office), now making daily health management possible at home for the first time.

In Weighing, we will be introducing our proprietary software package, Windows Communication Tool (WinCT). This software is so easy to use, that anyone can download data from an A&D balance directly to a PC. This should further enhance the user friendliness of our balances, and broaden the scope of our business even more.

You may have noticed that the major developments I have discussed so far are all software related and in the Medical and Weighing business. Indeed, we do have a major investment underway in the software arena; we have given it the code name "The Next Generation" (TNG). With TNG we will lead the way into the 21st century and the new Millenium. Through TNG, we expect to develop a powerful, new software family for future measurement needs.

I would like to express our sincere appreciation to our customers, agents and associates for their support, efforts and dedication. To our customers, I would like to say that your complete satisfaction has been, and will continue to be, our primary focus. To our agents and associates, we are determined to continue succeeding in business and having fun working with you. Most of all we will make the Bubble Economy a thing of the past.

You may address any comments concerning this editorial by email to Mr. Eto

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