Atsumi & Sakai > Tokyo, Japan > Firm Profile

Atsumi & Sakai

Japan > Corporate and M&A: Independent local firms

Clients of Atsumi & Sakai regularly consist of acquirers, shareholders, and investors, with the practice specialising in high-stakes cross-border transactions, as well as domestic mergers and acquisitions. Jointly headed by Akimoto Kawamura, Masayuki Matsuura, Wataru Kamihigashi, Takasuke Mizukami and Shintaro Hamasu, the team regularly acts in outbound deals, with recent work involving the firm’s overseas offices in Frankfurt and London. Of counsel Youngseop Song is particularly recommended for his work covering multiple jurisdictions, such as Korea, Japan and the US.

Practice head(s):

Akimoto Kawamura; Masayuki Matsuura; Wataru Kamihigashi; Takasuke Mizukami; Shintaro Hamasu

Other key lawyers:

Japan > Investment funds: Independent local firms Tier 1

Akio Kawamura heads up Atsumi & Sakai‘s investment funds team in Tokyo, and is well supported by Yukihito Machida, who leads the firm’s venture practice team. The team is particularly well regarded for its cross-border experience when advising foreign investors promoting funds in the Japanese market, an area in which the group is extremely active across the full life cycle of a fund. The group also advises clients on fund structures and handles offshore funds and the related regulatory filings. Elsewhere in the team, Ryuichi Nozaki is known for her expertise in investment fund management, including asset management and cross-border investment issues.

Practice head(s):

Akio Kawamura

Other key lawyers:

Japan > Antitrust and competition: Independent local firms Tier 2

The team at Atsumi & Sakai, which is headed by the 'highly qualified' Saori Hanada , handles a vast range of international matters,  including private enforcement in foreign jurisdictions, internal audits, merger control cases, and international cartel cases. Other work the practice undertakes includes risk management advice, investigations by authorities, and advice on vertical restraints. Masayuki Matsuura is a key contact for merger cases, while the 'outstanding' Tatsuo Yamashima is a name to note for cartel investigations. Setsuko Yufu is recommended for her deep knowledge of cartels, bid rigging, and leniency.

Practice head(s):

Saori Hanada


‘The team offers a good coverage of antitrust issues in Japan, able to advise clients on antitrust issues while remaining mindful of other regulatory constraints.’

‘Setsuko Yufu and her team remain for me the go-to people when faced with complex antitrust cases in Japan.’

‘The principal lawyer who really stands out is Saori Hanada – she is highly qualified and a force you want to turn to when the matter becomes really difficult.’

‘Very good, experienced antitrust team. Quick hands-on advice on complex antitrust matters. In particular Tatsuo Yamashima makes the team outstanding.’

‘Both Yufu and Yamashima are very responsive and provide concise and insightful advice.’

‘Atsumi & Sakai has a well-performing competition law team with wide experience in all aspects of competition law. They are very reliable to get the job done.’

‘Our main contact has been Setsuko Yufu who has impressed us not only with her knowledge of the law but also her ability in understanding the business and market realities.’

‘Their advice is always highly practical and helpful for clients – they always advise us the best way to resolve problems.’

Japan > Banking and finance: Independent local firms Tier 2

Atsumi & Sakai‘s finance practice encompasses an array of sub-departments, meaning clients are able to access advice for a range of matters. For project finance, Akira Shimazaki is key, while fintech matters are dealt with by Yuri Suzuki. Other notable names within the practice group include Fumiko Oikawa, who handles securitisations; Hiroyuki Nezu, who excels in asset-based lending; and Keita Imaizumi, who focuses on asset financings. Madoka Hashimoto is the main contact for debt capital markets work; Ryosuke Oue and Michiaki Hosoi are experience in renewable energy financings; and Shintaro Hamasu handles M&A and private equity work. Shuji Koyama is noted for real estate finance issues; Hirofumi Hosoda focuses on insurance matters; Akimoto Kawamura specialises in financial regulation, and Eiichiro Hata is recommended for asset management and investment fund issues, while Yutaka Sakai has been notably active in shipping finance work.

Practice head(s):

Eiichiro Hata; Yuri Suzuki; Fumiko Oikawa; Akimoto Kawamura; Hiroyuki Nezu; Michiaki Hosoi; Shuji Koyama; Shintaro Hamasu; Keita Imaizumi; Ryosuke Oue; Hirofumi Hosoda; Madoka Hashimoto; Akira Shimazaki

Other key lawyers:

Key clients

Tokyo Metropolitan Government

Financial Services Agency

Japan > Fintech - Independent local firms Tier 2

The ‘very strong fintech team’ at Atsumi & Sakai guides financial institutions, start-ups and IT vendors through technologically innovative work in areas including payment services, securities, insurance and data privacy. Also of note is the firm’s establishment of a policy research institute in June 2022 which aims to ‘build bridges between policies and practices in Japan that have not been tackled by either public or private institutions’. The practice is headed up by a trio of partners: Yuri Suzuki, Takafumi Ochiai and Kenichi Tanizaki. Suzuki is well versed in stablecoin legislation, Ochiai’s practice extends to dispute resolution matters in the fintech space, and Tanizaki has in-depth knowledge of banking and finance issues including bank APIs. Osamu Fujiwara leads the firm’s start-up support practice team.

Practice head(s):

Yuri Suzuki; Takafumi Ochiai; Kenichi Tanizaki

Other key lawyers:


‘They established a Policy Research Institute and are building bridges between policies and practices in Japan that have not been tackled by either public or private institutions.’

‘Yuri Suzuki gives practical advice.’

‘A very strong fintech team well supported by the ancillary corporate and commercial teams.’

Key clients

Mitsubishi UFJ Financial Group, Inc. MUFG Bank, Ltd.

Tokyo Metropolitan Government (TMG)

The Organization of Global Financial City Tokyo (FinCity.Tokyo)

Fintech Association of Japan (FAJ)

Japanese Bankers Association (JBA)

The Center for Financial Industry Information Systems (FISC)

Ministry of Economy, Trade and Industry (METI)

Ministry of Land, Infrastructure, Transport and Tourism (MLIT)

Cabinet Office

Japan Association of Financial Services Intermediary Business

The Japan Association of New Economy (JANE)

National Strategy Office of Information and Communication Technology, Cabinet Secretariat

Financial Services Agency (FSA)

Japan > Intellectual property: Independent local firms Tier 2

Japan > Projects and energy: Independent local firms Tier 2

Atsumi & Sakai‘s projects practice is led by Miho Niunoya, Michiaki Hosoi, Akira Shimazaki and Kimiharu Masaki. The diverse practice advises both renewable and traditional forms of energy from wind power to LNG and petrochemicals, and has handled an increasing number of battery storage projects. Further names to note include Yutaka Sakai who excels in solar, biomass and geothermal projects; Mayumi Hongo who has particular experience handling EPC contracts; Tomoko Watanabe who advises ECAs and banks; and Takeshi Takahashi who counts financial institutions and Japanese utilities as clients.

Practice head(s):

Miho Niunoya; Michiaki Hosoi; Akira Shimazaki; Kimiharu Masaki

Other key lawyers:

Key clients

Mitsubishi Research Institute, Inc. (MRI)

The Japan Research Institute, Limited (JRI)

Photovolt Development Partners GmbH

Mitsubishi UFJ Research and Consulting Co., Ltd.

EY Strategy and Consulting Co., Ltd.

Work highlights

  • Advised Mitsubishi Research Institute (MRI) and Nagoya City on an international MICE PFI project in Nagoya.
  • Advising Mitsubishi Research Institute (MRI), Aichi Prefecture and Nagoya City on the development of the site for the 20th Asian Games, Aichi-Nagoya 2026 in a PPP project.
  • Acted on behalf of a data centre business operator, investigating whether carbon dioxide gases emitted from data centre facilities are considered to be carbon dioxide gases emitted by data centres and researching comparative renewable energy credit schemes in Japan.

Japan > Risk management and investigations: Independent local firms Tier 2

The team at Atsumi & Sakai has a wealth of experience when advising on risk management issues spanning diverse industries and businesses. Comprising former prosecutors, public accountants, criminal defence lawyers, and foreign lawyers well-versed in cross-border issues, the team offers assistance across a wide spectrum of areas including whistleblowing issues, data security work, foreign investigations, and risk management audits, among others. Leading the practice are Makoto Takahara, who is an expert in corporate governance, risk management, and general compliance; Makoto Nakano, who heads up the whistleblowing response team; and Masahito Fukuda, who leads the white-collar crime team. Kohei Murakawa specialises in domestic and international dispute resolution, while Yusuke Miura provides counsel to both Japanese and international clients on various antitrust and competition matters.

Practice head(s):

Makoto Takahara; Makoto Nakano; Masahito Fukuda

Other key lawyers:

Japan > TMT: Independent local firms Tier 2

Chie Kasahara and Harukuni Ito co-lead the TMT team at Atsumi & Sakai, alongside Fumiaki Matsuoka and Osamu Fujiwara, who head the data, privacy, and cybersecurity team. The firm assists clients with a wide variety of matters, including cyber-attacks, IP disputes, and compliance with the Personal Information Protection Act. Takufumi Ochiai sits within the firm’s fintech team, and represents both Japanese and foreign clients. Kasahara and Ito primarily act for pharma clients in IP and data protection related matters, Matsuoka focuses on cyber security issues, and Fujiwara is noted for his broad corporate expertise.

Practice head(s):

Chie Kasahara; Harukuni Ito; Fumiaki Matsuoka; Osamu Fujiwara

Other key lawyers:

Key clients

National Banking Funds Settlement Network

Working Group of the Digital Agency and the Digital Temporary Administrative Investigation Committee

Ministry of Health, Labour and Welfare,

Ministry of Internal Affairs and Communications

Japan Research institute

Secretariat for the Promotion of Regional Development, Cabinet Office

Ministry of Land, Infrastructure, Transport and Tourism

Japan Information Processing Development Corporation (JIPDEC)


Work highlights

Japan > Capital markets: Independent local firms Tier 3

Atsumi & Sakai's practice is recommended for its expertise in structured finance matters and securitisations. The firm acts for its diverse client base of institutional investors, banks, trustees, and insurance companies. The practice is jointly led by Fumiko Oikawa, Madoka Hashimoto, and Shintaro Hamasu. Other key contacts include Hiroo Atsumi, Bonnie Dixon for asset finance transactions for aircraft and ships, and Sayaka Aizawa for syndicated loans and structured finance mandates.

Practice head(s):

Fumiko Oikawa; Madoka Hashimoto; Shintaro Hamasu

Other key lawyers:

Japan > Dispute resolution: Independent local firms Tier 3

Jointly headed by Toshiaki Takahashi, Hisashi Miyatsuka, Toyoki Emoto, Kohei Murakawa, Teruhisa Tomoya, Fumiaki Matsuoka, and Rikiya Okuhara, Atsumi & Sakai regularly assists clients with litigation and arbitration cases. The practice's broad caseload also encompasses pharmaceutical, manufacturing, investing, and green energy activity, with notable experience in cross-border disputes and high-value litigation before Japanese courts.

Practice head(s):

Toshiaki Takahashi; Hisashi Miyatsuka; Toyoki Emoto; Kohei Murakawa; Teruhisa Toyama; Fumiaki Matsuoka; Rikiya Okuhara


‘The firm has always always been very responsive and efficient in dealing with my queries and requests for assistance. ’

‘Their advice is always highy practical, given their high level of knowledge and experience.’

‘Kohei Murakawa is an excellent arbitration practitioner, and is always keen to improve service as well as his knowledge of dispute resolution. He is also very pleasant and professional in his dealings. ’

‘Mr. Kohei Murakawa always thinks about what the most important request of the client is. He deepens the discussion and reaches essential solutions. He always tries to be practical and helpful for customers.’

Work highlights

Japan > Labour and employment: Independent local firms Tier 3

Tatsuo Yamashima and Emi Uchida jointly lead Atsumi & Sakai‘s team, which assists an array of long-standing clients with the full spectrum of labour and employment law matters including labour procedures, employment agreements, directors and officer’s service contracts, and work rule issues. For contentious work, clients rely on Yamashima and Hisashi Miyatsuka. The group also offers immigration expertise and utilises the knowledge present in the firm's wider regulatory and tax groups to assists with employee benefit issues.

Practice head(s):

Tatsuo Yamashima; Emi Uchida

Other key lawyers:

Japan > Real estate and construction: Independent local firms Tier 3

Russell Kawahara leads the real estate financing and development team at Atsumi & Sakai, which advises a range of clients across the real estate sector, and is particularly active in the logistics space. Drawing on the firm’s international network, the team is able to advise foreign clients such as real estate investors and funds and represents offshore REITs, as well as J-REITs, in the formation of investment funds. Takafumi Uematsu plays a key role in the team and has extensive experience in advising both domestic and international asset managers and investment funds.

Practice head(s):

Russell Kawahara; Shuji Koyama; Jun Oishi

Other key lawyers:


‘Takafumi Uematsu is responsive, cooperative and knowledgable.’

Work highlights

Japan > Shipping: Independent local firms Tier 3

Atsumi & Sakai‘s shipping practice is particularly experienced in assisting with ship finance transactions, with Keita Imaizumi and Ryosuke Oue jointly leading the team. Yutaka Sakai is also a key member of the practice, and regularly assists with finance work.

Practice head(s):

Keita Imaizumi; Ryosuke Oue

Other key lawyers:

Japan > Tax: Independent local firms Tier 3

The tax team at Atsumi & Sakai is especially experienced in advising clients on tax planning, auditing, and accounting work. Teruhisa Tomoya leads the tax and accounting department alongside Hisashi Miyatsuka and Takashi Tezuka, while fellow co-head Shinichiro Shimizu leads the special tax team. Clients are regularly advised on corporate tax matters, tax issues relating to organisational restructurings, securities transactions, and financial due diligence in cases of mergers and acquisitions.

Practice head(s):

Teruhisa Toyama; Hisashi Miyatsuka; Takashi Tezuka; Shinichiro Shimizu

The firm: Atsumi & Sakai is a multi-award-winning, independent Tokyo law firm, and one of the ten largest independent full-service law firms in Japan. The firm was the first Japanese law firm to create a foreign law joint venture, which enables it to admit foreign partners and so offer its clients the quality of service that the modern international business community demands. Expanding from its highly regarded finance practice, the firm now acts for a wide range of international and domestic companies, banks, financial institutions and other businesses, offering a comprehensive range of legal expertise.

International practice: Atsumi & Sakai has an outward-looking approach to its international practice, and has a number of foreign partners, consultants and attorneys with extensive experience at leading international law firms, so offering its clients the benefit of a combination of Japanese law expertise and real international experience. As the only independent Japanese law firm with an office in London, affiliate offices in New York and Frankfurt, we can also provide real-time advice on Japanese law to clients in Europe and America.

In addition to lawyers admitted in Japan (including Japanese lawyers who are admitted and maintaining qualification to practice in California, New York and England and Wales), the firm includes foreign lawyers registered in Japan to advise on the laws of the US States of New York and California, the Republic of Korea, India, the laws of England and Wales, and the State of Queensland, Australia, United States and Australian Federal laws, and the laws of the Federal Republic of Germany (also in collaboration with Janssen Foreign Law Office).

Innovation and diversity: The firm constantly seeks to anticipate its clients’ needs for new legal services, most recently those arising from rapid technological developments in the financial services industry, and strives to provide high-quality and cost-effective services and solutions to support start-up companies. The firm also offers a flexible alternative fee arrangement tailored to meet the specific needs and goals of each client company.

Atsumi & Sakai takes a proactive approach to diversity, with nearly 25% of all lawyers being women and 11% non-Japanese, and encourages its lawyers to maintain a good work/life balance, all of which contributed to the firm being recognised as Japan’s leading law firm for employee satisfaction.

Department Name Email Telephone
Antitrust and competition
Arbitration, dispute resolution, litigation
Asset finance
Banking and finance, securitisation, structured finance
Capital markets
Compliance, corporate governance, risk management
Energy, infrastructure, project finance
General corporate, M&A, joint ventures
Insolvency, restructuring
Investment funds, private equity and venture capital
Intellectual property
International trade and regulatory
Labour and employment
Life sciences, medical and pharmaceutical
Real estate
Sports, entertainment
Technology, telecommunications, multimedia
Number of lawyers : 210+
Contacts : Hiroo Atsumi
Contacts : Hiroyuki Nezu
Contacts : Ryuichi Nozaki
Contacts : Bonnie L Dixon
Contacts : Daniel C Hounslow
Contacts :

Atsumi & Sakai was the first independent Japanese law firm to create a foreign law joint venture.

Our Firm is committed to three core values, “Respect diversity, be rich in creativity, and have a flexible attitude.”  Consistent with these values, the Firm has established a variety of systems that emphasize equitable evaluation and work-life balance, and we are pursuing a comfortable workplace environment where diverse human resources with different backgrounds, such as nationality, gender and career, can optimize their skills and abilities.

As a result, the Firm continues to maintain a high ratio of female attorneys, as well as non-Japanese attorneys, as described below.

  • Out of more than 120 attorneys, around 30% are women
  • Out of more than 60 partners, nearly 30% are women (more than 70% of whom have children)
  • Out of 15 Management Committee members, nearly 30% are women
  • We have Registered Foreign Lawyers licensed in Japan to advise on the laws of the US States of New York and California, the People’ s Republic of China, England and Wales, India, the States of Queensland and Victoria (Australia), United States and Australian Federal law, and the laws of the Federal Republic of Germany (in collaboration with Janssen Foreign Law Office)

In particular, the firm has earned high evaluation from Japanese and international organizations for equal treatment of men and women, etc. and initiatives for work-life balance, including in the following areas:

  1. The ratio of female partners at Atsumi & Sakai who are members of the firm’s Management Committee is very high. (The Atsumi & Sakai Management Committee is responsible for management and HR related decision making, and this high ratio of female attorneys on the committee reflects a family friendly office culture on the firm’s management decisions.)
  2. Atsumi & Sakai has systems in place for maternity leave and child-care leave that also apply to attorneys, and the rules relating to these systems are published internally on the firm’s intranet.
  3. The activities of the firm are team based and built up around divisions and practice groups, which allows for flexibility in handling each individual’s circumstances and support for child-care needs, etc.
  4. Atsumi & Sakai has a solid IT environment that utilizes cloud computing and virtual private networks, etc., enabling attorneys to handle work outside the office and work from home while caring for children, etc.;
  5. Atsumi & Sakai has an internal system for reporting of sexual harassment and power harassment, with multiple reporting options, in addition to which there are also annual training seminars regarding such harassment for attorneys; and
  6. Atsumi & Sakai has an occupational health physician visiting the office once a month offering free consultations for attorneys and staff alike.

While cooperating with highly talented human resources, the firm will continue to improve its diversity in order to provide an environment in which each individual can maximize his or her abilities.

Hiroo Atsumi, Managing Partner

What do you see as the main points that differentiate Atsumi & Sakai from your competitors?

Firstly, our international capabilities.

We created a “foreign law joint venture” in Japan when Japanese law first allowed this kind of law partnership in 2005, and we are recognised as a pioneer in this field. This was successful to the extent that we have attracted several foreign attorneys who served as partners or were otherwise highly recommended lawyers in foreign countries. In addition to lawyers admitted in Japan (including Japanese lawyers also admitted in England and Wales and the Republic of the Marshall Islands), our firm includes foreign lawyers registered in Japan to advise on the laws of the US States of New York and California, the People’s Republic of China, Taiwan, India, and the State of Queensland, Australia. Foreign lawyers registered in Japan to advise on state laws are also qualified to advise on federal laws of their respective countries. This clearly differentiates us from other Japanese law firms since we are in a very unique position to easily combine the expertise of Japanese lawyers with that of attorneys from the foreign jurisdictions described above.

Also, we are the only independent Japanese law firm which currently has a branch office in London, and we have an affiliate office in Frankfurt. We are a member of multiple leading global networks of law firms, and have formed partnerships with APAC-International in Vietnam, and Janssen Foreign Law Office, a law office that provides German law advice in Tokyo. Our international network sets us apart from our competitors, and enables us to easily meet the needs of foreign clients as well as Japanese clients.

Secondly, our global diversity and multiplicity of talent.

As mentioned above, Atsumi & Sakai has attracted a number of foreign and multilingual attorneys, irrespective of their nationalities, speaking Japanese, English, German, Vietnamese, Chinese, Russian, Hindi and Marathi, etc.

Atsumi & Sakai also includes attorneys with a wide range of expertise, having experience in diverse practice areas and industries, such as former public prosecutors, attorneys also qualified as Certified Public Accountants, attorneys with expertise in tax/accounting or IT, and a pharmacist. Having different skills and talents enables the firm to flexibly build a multi-talented team which is tailored to each client’s specific needs.

Thirdly, our innovative approaches and new structures.

To remain competitive in the global market, our firm has always tried to adopt innovative approaches and new structures. Especially, we thought it important to meet the needs of not only clients dealing in out-bound transactions but also the needs of foreign clients pursuing in-bound transactions.

Which practices do you see growing in the next 12 months? What are the drivers behind that?

  • Innovation in information systems and technology including IoT, big data and artificial intelligence, FinTech, InsTech, MedTech and RegTech

Deep understanding and extensive experience of laws and regulations related to data protection, finance, insurance, healthcare and pharmaceuticals, etc. are the fundamental requirements of these practice areas, on top of which keen knowledge of the latest trends in the technology industry and experience in providing advice in the relevant area is needed. Our firm fulfills all of these conditions. Meanwhile, both working from home and purchasing online services from home have exploded into the mainstream in Japan as a result of the Coronavirus pandemic, triggering a period of upheaval in Japanese business culture. We provide services that meet the needs of foreign technology companies looking to capitalize on the opportunities the situation has created.

  • Risk management and white collar crime
  • Labour and employment

Companies affected by the Coronavirus pandemic will continue to rationalize their workforce allocation for some time. We have experience in advising foreign corporations in this areas, and it is one of our strengths.

  • Investments and funds

As soon as it came into effect this year, our firm immediately began accumulating experience in advising foreign funds regarding the amended Foreign Exchange and Foreign Trade Act, which introduced changes designed to ensure national security. Investments into Japanese companies by foreign investors must comply with the complex requirements of the amended Foreign Exchange Act, and we expect the demand for advice in this field to grow in the future.

  • Data protection and privacy, cybersecurity

Although the peak caused by GDPR and the amendment of the Japanese Act on the Protection of Personal Information has passed, data privacy remains a crucial element of compliance in the technology industry and demand for related advice continues to grow.

  • Life sciences

The life sciences field is one where the demand for extensive understanding of pharmaceutical clients’ business and the practical application of regulations is particularly high for lawyers. Our firm includes lawyers with experience as in-house counsel in major Japanese pharmaceuticals companies, and we expect to see growth in this area as well.

  • Sports, media and entertainment

We are one of the only law firms based in Japan with the capacity to provide our international clients with unapparelled expertise in the areas of sport and entertainment. Our sports & entertainment legal practice group started almost 8 years ago and has a primary focus on major international sporting events working with the international rights holders, ensuring the delivery of these events at an international standard. For over 5 years we have worked for World Rugby to assist them on all legal aspects related to the Rugby World Cup 2019 being the third largest sporting event in the World. We continue to be in the forefront, advising our clients surrounding other major international sporting events in Japan.

  • Others

Interest in national security matters, such as export controls and cyber security, is growing in countries around the world. Our firm is one of the few in Japan that took the step of establishing a national security team at an early stage.

What’s the main change you’ve made in the firm that will benefit clients?

Our firm takes a proactive approach to working with our clients to provide value for money, and we are very open to adopting international-style fee structures other than traditional hourly rates.

Is technology changing the way you interact with your clients, and the services you can provide them?

Yes, information technology has been a driving force for our service innovation. It has changed significantly the way we interact with our clients, especially with our foreign clients. We are also encouraged by the technological developments and innovations in reducing administrative work and boosting productivity further.

Can you give us a practical example of how you have helped a client to add value to their business?

For example, we were in close contact with the competent authorities regarding prior reporting under the Foreign Exchange Act which was amended this year, and proposed a practical approach to navigating the requirements to our client, a foreign investor. We also advised the client in revising transactions following the emergence of the Coronavirus, and supported the client in managing risk of loss by providing analysis and interpretation on agreements and proposing practical response measures.

Also, as mentioned in 2) above, our firm has worked for World Rugby for over 5 years to assist them on all legal aspects related to the Rugby World Cup 2019, being the third largest sporting event in the World.

Are clients looking for stability and strategic direction from their law firms – where do you see the firm in three years’ time?

In 2019, we celebrated the 25th anniversary of the founding of the firm. We anticipate that the next three years will bring a significant turning point not only for us but also for Japan in the 21st century.

We will continue to diversify the backgrounds, experience, fields of expertise and future aims of our lawyers. It is the diversity of knowledge and experience of the lawyers at our firm, including the opportunity to interact with our foreign legal team, that allows us to find solutions to new problems our clients face. Our ability to continuously respond to the needs of clients is what enables the firm to be sustainable in the long term. Another factor for long-term sustainability from a firm management perspective is to consider multiple opinions and points of view to continuously make better decisions. We believe that in three years, we will remain a firm capable of providing advice to allow clients to choose the policy they wish to follow.