text: Due to changes in government regulations, information on risks 
  involved in business operations has been disclosed in the 
  Yukashoken-Houkokusho for the year ended March 31,2005 
  as follows: 
  and that the outcome may be significantly different from that anticipated. 
  As a result, any such verdict or settlement could adversely affect Nissan’s 
  financial position and operating results. 
  
  Government Regulations 
  The automobile industry worldwide is influenced by a broad spectrum of 
  regulations governing the emission levels of exhaust fumes, fuel economy 
  guidelines, noise level limitations and safety standards, and Nissan expects 
  these regulations to become increasingly stringent. In order to ensure 
  compliance, it may be necessary for Nissan to make significant ongoing 
  investments in these areas which would have an impact on its financial 
  position and results of operations. 
  
  Economic Factors 
  The demand for products manufactured by Nissan is affected by the 
  economic conditions in each country or market in which they are offered 
  for sale. Nissan conducts its operations all over the world and, in particular, 
  in the major markets of North America, Europe, and Asia, to say nothing of 
  Japan. While Nissan strives to develop a comprehensive and integrated 
  projection of the global economic outlook, any greater-than-anticipated 
  downturn in one of these markets may have a significant effect on Nissan 
  financial position and results of operations. 
  
  International Activities and Overseas Expansion 
  Nissan’s manufacturing and marketing activities outside Japan are 
  conducted in the United States, in Europe, and in the developing and 
  emerging markets of Asia. Nissan forecasts and evaluates a wide variety of 
  risks inherent in doing business in such overseas markets including the 
  following factors, each of which entails a greater-than-anticipated level of 
  risk: 