When we say we do not do M&A, there are always exceptions, so let me explain about it. We have never said that we will never do M&A in any situation. Actually, we are not against M&A if Nintendo can absorb the real value of the company. However, in most cases, the value of software developing companies is attached to its people, not the company, which is merely a vessel for its people. So, when we purchase a company, we can purchase the vessel, but we cannot necessarily purchase the contents. Even if we should compete with others to purchase a software company, although we might be able to increase the sheer number of our developers and to gain a short-term result, we do not think it will do good for us in the long run. We have been repeatedly saying that we will not do that kind of M&A.
In the case of Monolith Software, Mr. Sugiura, the president, and Nintendo have a long-term relationship. How Mr. Sugiura thinks is close to how Nintendo thinks. The software Mr. Sugiura would like to create is in line with what Nintendo would like to have for its platform. So, we thought that Nintendo should support this idea, and we decided to take action.
If certain conditions are met, we may do the same thing in the future (M&A). However, we will be very careful and selective, so that we will only partner with people with whom Nintendo can create a long-term working relationship.
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