text: the risk of capital loss from differences between market 
  
  and book values. 
  
  The remaining issue is non-funded pensions. In June 
  
  2005, we contributed ¥228 billion to our pension fund. We 
  
  did this to ensure the health of our fund and to reduce its 
  
  future negative impact on operating profit. Our funding 
  
  came from a bond issue, which got a favorable response in 
  
  the market despite bad market conditions. Transparent 
  
  communication with investors worked. 
  
  Nissan is currently rated a triple-B+ by the major 
  
  international rating agencies. Our goal is to be a single A. 
  
  To accomplish this, the first issue we need to address is 
  
  profit sustainability, which is very important to the rating 
  
  agencies. We’ve shown stable profitability growth over the 
  
  past few years, but we must deliver sustainable profit 
  
  growth for longer periods. The balance sheet is also 
  
  important. Liquidity is one of the major factors for strong 
  
  ratings. For that reason we decided to increase cash on 
  
  hand from 3.5 percent of net sales to 8 percent, a figure 