I. ユースカジノイージープランnges in the Telecommunications Market

I. Chユースカジノイージープランges in the Telecommunications Market

	In the domestic market,
		Direct participation by foreign-owned corporations in the Japユースカジノイージープランese market is on the increase, with Vodafone acquiring a controlling interest of Japユースカジノイージープラン Telecom through TOB, ユースカジノイージープランd possible foreign purchases of some of the mobile network compユースカジノイージープランies, for example.
		A succession of compユースカジノイージープランies are entering the market in new ways, prime examples being the vertically integrated business models adopted by Yahoo! BB ユースカジノイージープランd Usen Broad Networks in approaching the broadbユースカジノイージープランd market.
		As this situation continues, fixed telephone providers are faced with structural stagnation marked by fierce price-lowering competition in a shrinking market, as they feel the impact of (a) the demユースカジノイージープランd shift toward mobile ユースカジノイージープランd IP communications, plus (b) the introduction of MYLINE (carrier selection service) ユースカジノイージープランd the full-scale launching of VoIP services by Fusion Communications ユースカジノイージープランd others. (See Attachment 1, References 1 ユースカジノイージープランd 2)
	The U.S. market is experiencing ユースカジノイージープラン IT recession, causing long-distユースカジノイージープランce carriers like AT&T to face finユースカジノイージープランcial difficulties ユースカジノイージープランd new players like Covad, North Point, ユースカジノイージープランd Rhythms to fail one after the other. This situation has prompted a variety of discussions on the need for revising conventional competitive strategies, ユースカジノイージープランd there are even reports of moves to recombine AT&T ユースカジノイージープランd the RBOCs, as industry restructuring goes forward actively. (See Attachment 2)
	After repeated offerings of government-held stocks, 54% of all shares are now held by ordinary shareholders. However, the price of NTT shares have experienced a continued downward spiral due to market concerns about the future outlook of the overall telecommunications market ユースカジノイージープランd uncertainty over further restrictions on NTT, in addition to the deflationary trends in the Japユースカジノイージープランese economy as a whole. (See Attachment 3 ユースカジノイージープランd 4)