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## 11. Income Taxes 

The Group is subject to a number of different income taxes. The statutory tax rates in Japan for the year ended March 31, 2002, 2003 and 2004 were approximately 42% in the aggregate. 

The components of income taxes are as follows: 

<img src='content_image/116139.jpg'>

The reconciliations between applicable statutory income tax and the effective income tax rate for the year ended March 31, 2002, 2003 and 2004 are as follows: 

<img src='content_image/116138.jpg'>

The significant components of deferred tax assets and liabilities at March 31, 2003 and 2004 were as follows: 

<img src='content_image/116137.jpg'>

