text: risk-mapping process developed by our cross-functional 
  
  team, we’ve identified nearly 860 different risks, prioritized 
  
  them, and started to create solutions to mitigate them. 
  
  On financial risks, we take a ‘no speculation’ position in 
  
  addressing foreign exchange fluctuations. We usually 
  
  hedge for only short periods of one to two months. Foreign 
  
  exchange is a major concern, since a shift of one yen 
  
  against the dollar translates to an ¥11 billion gain or loss, 
  
  or ¥2 billion for a change of one yen against the euro. We 
  
  hold weekly videoconferences with Renault Finance S.A. in 
  
  Switzerland to exchange ideas and forecast trends. 
  
  When it comes to the state of the balance sheet, 
  
  Nissan is in a good position with our current levels of debt. 
  
  In 1998, for example, we had debt of ¥2.1 trillion; now we 
  
  are in a cash-positive position of ¥205.8 billion under the 
  
  new accounting standard. We concentrate more on the 
  
  quality of our balance sheet. Factors affecting the balance 
  
  sheet include our pension situation and possible 
  
  impairment of assets. We have sold off a number of non- 
  
  core assets over the past five years, significantly reducing 