In the first half of the fiscal 2012 (January 1 to June 30, 2012), the Companies' operating environment was plagued by raw material prices remaining at high levels during the period and the continuing strength of the Japanese yen. Despite these challenges, the domestic economy showed signs of recovery, including increased demand brought on by re-building and rebounding sales of new vehicles following recovery from the Great East Japan Earthquake. The United States economy gradually recovered during this time, while the financial crisis had a negative impact on the European economy. Asias economic expansion showed signs of a slowndown, particularly in China and India.
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