text: Derivatives 
  Nissan utilizes derivatives transactions for the purpose of hedging its 
  exposure to fluctuation in foreign exchange rates, interest rates and 
  commodity prices. While Nissan can hedge against these risks by using 
  derivatives transactions, Nissan, by so doing, may miss the potential gains 
  which could result from seizing the market opportunities to profit from such 
  fluctuation in exchange rates and interest rates. 
  In addition, Nissan manages its exposure to credit risk by limiting its 
  counterparties to financial institutions with high credit ratings. However, a 
  default by any one of these counterparties could have an adverse effect on 
  Nissan’s financial position and operating results. 
  
  Purchase of raw materials and parts 
  Nissan purchases raw materials and parts from many suppliers. Market 
  conditions that Nissan can’t control and whether or not the suppliers can 
  procure raw materials and parts continuously may adversely affect Nissan’s 
  financial position and results of operations. 
  
  Lawsuits and Claims 
  With respect to various lawsuits and claims which Nissan encounters, the 
  possibility exists that the position defended by Nissan will not be accepted 
  
  Nissan Annual Report 2004**71**