\uff5e\uff5e\uff5e\uff5e<\/p>\n
We begin with (1) the \u201cKAWAI Ten-Year Plan<\/a>,\u201d which was announced in March last year and on which we shared our initial assessment<\/a> shortly thereafter. The plan represents a fundamental transformation of KAWAI\u2019s management philosophy and mission, positioning the Company to become the world\u2019s leading keyboard instrument manufacturer. We regard it as an ambitious long-term strategy. (Source: KAWAI Ten-Year Plan<\/a>)<\/p>\n At the time of its announcement, the contraction of China piano market\u2014partly due to policy changes such as the \u201cdouble reduction\u201d policy\u2014was still exerting a negative impact, and some skepticism existed regarding the feasibility of achieving the plan\u2019s long-term targets. Nevertheless, we maintain strong confidence in its attainability, provided that KAWAI steadily executes strategies and tactics aimed at enhancing brand value on a global scale within the music leisure market, which is inherently characterized by relatively stable demand growth over time.<\/p>\n Let us turn to the center of our discussion \u2013 \u201cEurope\u201d. Europe has become KAWAI\u2019s largest market by revenue, accounting for approximately 30% of keyboard instrument revenue in both FY3\/25 and FY3\/26, after China\u2019s market crash. As such, it represents a critical region in assessing the feasibility of the Company\u2019s medium- to long-term plan. Notably, Mr. Takada\u2014formerly Head of Corporate Strategy and one of the key architects of the Ten-Year Plan<\/a> alongside President Kawai\u2014relocated to Europe to lead the region\u2019s operations and drive execution on the ground. (Source: KAWAI Ten-Year Plan<\/a>)<\/p>\n Next, (2) we discuss the unique characteristics and current state of the European market.<\/p>\n One of the most notable insights from our discussion was the fundamental difference between the instrument buying ecosystem in Europe and that in Japan, which naturally leads to distinct marketing approaches. In continental Europe, particularly in France, Germany, and the Benelux countries, music is deeply embedded in daily life, and public music education institutions are widely available across communities. These range from conservatories to local community-based music schools, reflecting a level of public accessibility that is difficult to imagine from a Japanese perspective.<\/p>\n In Japan, by contrast\u2014especially at the early stages of music education\u2014students typically begin under private instructors in their local neighborhoods. Instrument purchases are often facilitated through these instructors (commonly referred to in the industry as \u201clesson-er\u201d in Japan). In Europe, however, the process is largely conducted through public institutions from beginning to end, with instructors effectively serving as public-sector employees.<\/p>\n In other words, Europe\u2019s music education system is structurally more established than Japan\u2019s, with depth spanning from entry-level to advanced training. This necessitates a fundamentally different approach to identifying customer personas and designing customer journeys in instrument sales and marketing.<\/p>\n According to Mr. Takada, the European music market this year faces a challenging environment. Prolonged geopolitical tensions\u2014including the war in Ukraine and instability in the Middle East\u2014have weighed on economic conditions and consumer sentiment. In addition, rising defense related expenses across countries have led to budget constraints in cultural sectors. Despite these headwinds, KAWAI\u2019s European business has performed solidly, supported by the effectiveness of its marketing initiatives and improvements in operational management\u2014including the integration of distribution channels and enhanced pricing controls. Mr. Takada expressed strong confidence in achieving the full-year budget for the current fiscal year.<\/p>\n Finally, (3) we turn to KAWAI\u2019s current strategic initiatives.<\/p>\n As noted, public music educators play a central role in instrument selection in Europe. These individuals, as both being professional musicians and also public servants, demand a compelling balance of quality and price. For KAWAI\u2014already recognized for producing high-quality instruments\u2014this creates an opportunity to compete on value without resorting to price competition, provided that awareness and understanding of its products are effectively expanded among potential users.<\/p>\n While specific details were not disclosed for apparent reasons, KAWAI has partnered with marketing agencies to identify target personas for its brand storytelling and to implement targeted marketing initiatives. Over the latter half of last year, KAWAI focused on driving traffic to its website and communicating a rich brand narrative alongside detailed product quality. These efforts are now beginning to yield tangible results. It carefully manages a customer journey in which prospective buyers are guided from social media engagement to visits to KAWAI\u2019s website, and ultimately to authorized dealers.<\/p>\n Such brand storytelling achieves sustainable, long-term impact \u201conly\u201d when supported by intrinsically high-quality products. In KAWAI\u2019s case, its strong performance in the 2025 Chopin Competition<\/a> serves as compelling evidence of its underlying excellence, requiring little embellishment.<\/p>\n In conclusion, the European market\u2014central to KAWAI\u2019s future growth\u2014is highly competitive and demands a clear and credible value proposition that meets the expectations of professional users. Our discussion confirmed that KAWAI\u2019s digital marketing strategy, a key pillar of the Ten-Year Plan<\/a>, is beginning to gain meaningful traction even in this challenging environment. We believe these efforts will translate into gradual gains in market share, enhanced brand value, and improved profitability, ultimately contributing to long-term corporate value creation.<\/p>\n In addition to the increased adoption of KAWAI instruments in the Chopin Competition, the Company\u2019s presentation materials titled \u201cA 100-Year Brand Recognized Worldwide (only in Japanese),<\/a>\u201d available on its website, provide further evidence\u2014albeit in a modest narrative\u2014of the brand\u2019s steady penetration into the global top tier. As highlighted on page 5 of the materials, KAWAI\u2019s full concert grand pianos, including the Shigeru Kawai and Kawai GX series, have already been installed in leading international concert halls and music conservatories, such as Op\u00e9ra national de Paris, and The Juilliard School<\/p>\n As a very committed shareholder supporting KAWAI\u2019s growth, and more precisely, as a \u201cclose yet tough friend,\u201d we will continue to engage with KAWAI in a constructive dialogue in its journey to maximize its corporate value.<\/p>\n (Our History of Engagement) This post does not constitute a proposal, solicitation, marketing communication, advertisement, inducement or representation in respect of any service or product, nor does it constitute advice to buy or sell any investment product or any investment of any kind, or a recommendation to purchase or sell any investment product, make any investment, execute any transaction, or refrain from taking any other action, whether or not any terms are described. It also does not constitute an opinion regarding the merits of any particular investment or investment strategy. Any examples of strategies or transactions are provided solely for illustrative purposes and do not indicate any past or future strategy or performance, nor do they indicate the likelihood of success of any particular strategy. This post does not constitute investment, financial, legal, tax, or any other advice.<\/p>\n This post presents our assessments, estimates, and opinions regarding the business of Kawai Musical Instruments Manufacturing Co., Ltd. (\u201cKAWAI\u201d) and KAWAI group companies. Although we believe that the information contained in this post is accurate and reliable, we make no representation or warranty as to the accuracy, completeness, or reliability of such information, or of any statements or oral communications regarding KAWAI, KAWAI group companies, or any other companies described herein. We also assume no responsibility for any such statements or communications, including any inaccuracies or omissions therein. With respect to public companies, there may be non-public information held by such companies or their insiders that has not been disclosed by those companies. Accordingly, all information contained in this post is presented \u201cas is,\u201d without any warranty of any kind, and we make no express or implied representation as to the accuracy, completeness, or timeliness of such information, or the results of its use. Readers should obtain their own professional advice and make their own assessment of the relevant matters. We disclaim any obligation or liability for any loss arising from, or in connection with, the use of all or any part of the information contained in this post, including any inaccuracies or omissions therein. Any investment involves significant risks, including the risk of a complete loss of capital. Any forecasts or estimates are provided solely for illustrative purposes and should not be regarded as indicating any upper limit of potential gains or losses. We may modify all or part of this post without notice to any person, but we are under no obligation to provide any revisions, updates, additional information or materials in relation to this post, or to correct any inaccuracies.<\/p>\n This post may contain content or quotations from, or hyperlinks to, publicly available third-party sources of information (\u201cThird-Party Materials\u201d). Permission to quote Third-Party Materials in this post may not have been sought or obtained. The contents of Third-Party Materials have not been independently verified by us and do not necessarily reflect our views. The authors and\/or publishers of Third-Party Materials are independent from us and may hold views that differ from ours. The inclusion of Third-Party Materials in this post does not imply that we endorse or agree with any part of the content of such Third-Party Materials, nor does it imply that the authors or publishers of such Third-Party Materials endorse or agree with the views expressed by us in relation to the relevant matters. Third-Party Materials do not constitute all relevant news reports or views expressed by third parties regarding the matters discussed herein.<\/p>\n We do not intend, either by ourselves or through other shareholders, to propose at a general meeting of shareholders of KAWAI that the business or assets of KAWAI or KAWAI group companies be transferred to a third party or discontinued. We also have no intention of engaging in any conduct whose purpose would be to make it difficult for KAWAI or KAWAI group companies to continue conducting their businesses in a stable and ongoing manner.<\/p>\n We currently beneficially own and\/or have an economic interest in securities of KAWAI and\/or KAWAI group companies, and may continue to beneficially own or have an economic interest in such securities in the future. With respect to our investment in KAWAI and\/or KAWAI group companies, we may, on an ongoing basis and depending on various factors \u2014 including the financial condition and strategic direction of KAWAI and KAWAI group companies, the results of discussions with KAWAI and KAWAI group companies, overall market conditions, other investment opportunities available to us, and the possibility of purchasing or selling securities of KAWAI and KAWAI group companies at prices at which we desire to transact \u2014 at any time, including through open-market or private transactions after we have established a position, buy, sell, cover, hedge, or otherwise change the form or substance of our investment, including securities of KAWAI and KAWAI group companies, in any manner permitted by applicable laws and regulations, and we expressly disclaim any obligation to notify others of any such changes. We reserve the right to take any actions we deem appropriate in relation to our investment in KAWAI and KAWAI group companies. Such actions may include, but are not limited to, communications with the board of directors, management, or other investors.<\/p>","protected":false},"excerpt":{"rendered":"2026\u5e746\u6708\u3001Hibiki Path Advisors SPC\uff08\u300c\u79c1\u3069\u3082\u300d\u53c8\u306f\u300c\u5f0a\u793e\u300d\u3068\u3044\u3044\u307e\u3059\u3002\uff09\u306f\u30012023\u5e74\u4ee5\u6765\u306e\u4e3b\u8981\u6295\u8cc7\u5148\u3067\u3042\u308b\u682a\u5f0f\u4f1a\u793e\u6cb3\u5408\u697d\u5668\u88fd\u4f5c\u6240\uff08\u8a3c\u5238\u30b3\u30fc\u30c9 7952\u3001\u4ee5\u4e0b\u300c\u5f53\u793e\u300d\u53c8\u306f\u300cKAWAI\u300d\u3068\u3044\u3044\u307e\u3059\u3002\uff09\u306e\u4e16\u754c\u6226\u7565\u9042\u884c\u306e\u91cd\u8981\u306a\u6700\u524d\u7dda\u3068\u8a00\u3048\u308b\u3001\u6b27\u5dde\u5168\u57df\u3092\u53f8\u308b\u3001Kawai Europa GmbH\u306e\u9ad9\u7530\u61b2\u548c\u793e\u9577\u306b\u73fe\u5728\u306e\u65bd\u7b56\u3068\u305d\u306e\u9032\u6357\u306b\u3064\u3044\u3066\u304a\u8a71\u3092\u304a\u4f3a\u3044\u3059\u308b\u6a5f\u4f1a\u3092\u3044\u305f\u3060\u304d\u307e\u3057\u305f\u3002KAWAI\u306e\u7686\u69d8\u306e\u8a31\u53ef\u3092\u3044\u305f\u3060\u304d\u3001\u3053\u3053\u306b\u30b3\u30e1\u30f3\u30c8\u3055\u305b\u3066\u3044\u305f\u3060\u304d\u307e\u3059\u3002 \u4eca\u56de\u306e\u6295\u7a3f\u3067\u306f\u3001\u2460\u300cKAWAI\u5341\u5e74\u306e\u8a08\u300d\u306e\u304a\u3055\u3089\u3044\u3068KAWAI\u306b\u3068\u3063\u3066\u6b27\u5dde\u5e02\u5834\u306e\u6301\u3064\u610f\u5473\u306b\u3064\u3044\u3066\u5148\u305a\u89e3\u8aac\u3055\u305b\u3066\u3044\u305f\u3060\u304d\u3001\u6b21\u306b\u3001\u2461\u6b27\u5dde\u5e02\u5834\u306e\u72ec\u7279\u306e\u7279\u5fb4\u3068\u73fe\u72b6\u3001\u6700\u5f8c\u306b\u3001\u2462\u4eca\u5b9f\u884c\u4e2d\u306eKAWAI\u306e\u6226\u7565\u3001\u3068\uff13\u90e8\u69cb\u6210\u3067\u9032\u3081\u3055\u305b\u3066\u3044\u305f\u3060\u304d\u307e\u3059\u3002 \uff5e\uff5e\uff5e\uff5e \u5148\u305a\u3001\u2460\u300cKAWAI\u5341\u5e74\u306e\u8a08\u300d\u3067\u3059\u3002\u6628\u5e74\uff13\u6708\u306b\u767a\u8868\u3055\u308c\u3001\u79c1\u3069\u3082\u3082\u3001\u76f4\u5f8c\u306b\u305d\u306e\u8a55\u4fa1\u306b\u3064\u3044\u3066\u30b3\u30e1\u30f3\u30c8\u3092\u3055\u305b\u3066\u3044\u305f\u3060\u304d\u307e\u3057\u305f\u3002\u4eca\u307e\u3067\u306eKAWAI\u306e\u7d4c\u55b6\u7406\u5ff5\u3068\u30df\u30c3\u30b7\u30e7\u30f3\u3092\u6839\u5e95\u304b\u3089\u5237\u65b0\u3057\u3001\u4e16\u754c\u4e00\u306e\u9375\u76e4\u697d\u5668\u30e1\u30fc\u30ab\u30fc\u3068\u306a\u308b\u3079\u304f\u3001\u91ce\u5fc3\u7684\u306a\u9577\u671f\u306e\u8a08\u753b\u3068\u8a55\u4fa1\u3057\u3066\u3044\u307e\u3059\u3002 \uff08\u51fa\u6240\uff1aKAWAI\u5341\u5e74\u306e\u8a08\u30b9\u30e9\u30a4\u30c9\u3088\u308a\uff09 \u672c\u8a08\u753b\u304c\u767a\u8868\u3055\u308c\u305f\u6628\u5e74\uff13\u6708\u6642\u70b9\u3067\u306f\u3001\u53cc\u6e1b\u653f\u7b56\u306e\u5909\u66f4\u7b49\u306b\u3088\u308b\u4e2d\u56fd\u30d4\u30a2\u30ce\u5e02\u5834\u306e\u53ce\u7e2e\u306e\u4f59\u6ce2\u304c\u7d9a\u3044\u3066\u304a\u308a\u3001\u9577\u3044\u6642\u9593\u8ef8\u3067\u3082\u3063\u3066\u63d0\u793a\u3055\u308c\u305f\u672c\u8a08\u753b\u306e\u5b9f\u73fe\u6027\u306b\u61d0\u7591\u7684\u306a\u898b\u65b9\u3082\u3042\u3063\u305f\u3053\u3068\u306f\u4e8b\u5b9f\u3067\u3059\u3002\u305f\u3060\u3001\u672c\u6765\u7684\u306b\u6bd4\u8f03\u7684\u5b89\u5b9a\u7684\u306b\u9700\u8981\u304c\u62e1\u5927\u3057\u3066\u3044\u304f\u7279\u5fb4\u3092\u6301\u3064\u97f3\u697d\u30ec\u30b8\u30e3\u30fc\u5e02\u5834\u306b\u304a\u3044\u3066\u3001\u4e16\u754c\u6a2a\u65ad\u7684\u306b\u30d6\u30e9\u30f3\u30c9\u4fa1\u5024\u5411\u4e0a\u3092\u8ffd\u6c42\u3059\u308b\u899a\u609f\u3092\u6301\u3063\u305f\u6226\u7565\u3068\u6226\u8853\u304c\u7740\u5b9f\u306b\u5b9f\u8df5\u3055\u308c\u305f\u5834\u5408\u306b\u306f\u3001\u3053\u306e\u8a08\u753b\u76ee\u6a19\u306e\u9054\u6210\u53ef\u80fd\u6027\u306b\u3064\u304d\u79c1\u3069\u3082\u306f\u5f37\u3044\u671f\u5f85\u3092\u6301\u3063\u3066\u304a\u308a\u307e\u3059\u3002 \u305d\u3057\u3066\u3001\u3053\u3053\u304b\u3089\u672c\u984c\u3068\u306a\u308a\u307e\u3059\u304c\u3001\u4e2d\u56fd\u5e02\u5834\u304c\u7e2e\u5c0f\u3057\u305f\u5f8c\u3001KAWAI\u306e25\/3\u671f\u306826\/3\u671f\u5171\u306b\u9375\u76e4\u697d\u5668\u58f2\u4e0a\u306e30%\u3092\u5360\u3081\u308b\u3001\u58f2\u4e0a\u30d9\u30fc\u30b9\u3067\u6700\u5927\u5e02\u5834\u304c\u3001\u6b27\u5dde\u3067\u3042\u308a\u3001\u3053\u306e\u4e2d\u8a08\u306e\u5b9f\u73fe\u6027\u3092\u8a08\u308b\u4e0a\u306b\u304a\u3044\u3066\u3082\u6975\u3081\u3066\u91cd\u8981\u306a\u4f4d\u7f6e\u3065\u3051\u3068\u306a\u3063\u3066\u3044\u307e\u3059\uff08\u4e0b\u56f3\uff09\u3002\u3053\u306e\u5341\u5e74\u306e\u8a08\u306e\u8a2d\u8a08\u56f3\u3092\u6cb3\u5408\u793e\u9577\u3068\u5171\u306b\u63cf\u3044\u305f\u3001\u524d\u7d4c\u55b6\u6226\u7565\u90e8\u9577\u3067\u3042\u3063\u305f\u9ad9\u7530\u6c0f\u304c\u3001\u81ea\u3089\u305d\u306e\u8a08\u753b\u9054\u6210\u306e\u305f\u3081\u6b27\u5dde\u4e8b\u696d\u8cac\u4efb\u8005\u3068\u3057\u3066\u8d74\u4efb\u3055\u308c\u305f\u306e\u3067\u3059\u3002 \uff08\u51fa\u6240\uff1aKAWAI\u5341\u5e74\u306e\u8a08\u30b9\u30e9\u30a4\u30c9\u3088\u308a\uff09 \u6b21\u306b\u3001\u2461\u6b27\u5dde\u5e02\u5834\u306e\u72ec\u7279\u306e\u7279\u5fb4\u3068\u73fe\u72b6\u3001\u306b\u3064\u3044\u3066\u3067\u3059\u3002 \u4eca\u56de\u306e\u9762\u8ac7\u3067\u8208\u5473\u6df1\u3044\u793a\u5506\u3092\u3044\u305f\u3060\u3044\u305f\u306e\u306f\u3001\u30d4\u30a2\u30ce\u3092\u542b\u3080\u697d\u5668\u8cfc\u5165\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u304c\u6b27\u5dde\u3068\u65e5\u672c\u3067\u5168\u304f\u7570\u306a\u308b\u3068\u3044\u3046\u70b9\u3067\u3059\u3002\u305d\u308c\u306b\u3088\u3063\u3066\u5f53\u7136\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u6226\u7565\u3082\u7570\u306a\u3063\u3066\u304d\u307e\u3059\u3002\u6b27\u5dde\u3001\u7279\u306b\u5927\u9678\u5074\uff08\u30d5\u30e9\u30f3\u30b9\u30fb\u30c9\u30a4\u30c4\u30fb\u30d9\u30cd\u30eb\u30af\u30b9\uff09\u306f\u3001\u97f3\u697d\u304c\u6b74\u53f2\u7684\u306b\u3082\u56fd\u6c11\u751f\u6d3b\u306b\u6df1\u304f\u6839\u4ed8\u3044\u3066\u3044\u308b\u3068\u3053\u308d\u304b\u3089\u3001\u3069\u306e\u753a\u306b\u3082\u3044\u308f\u3086\u308b\u516c\u7684\u306a\u74b0\u5883\u306b\u97f3\u697d\u6559\u80b2\u6a5f\u95a2\u304c\u591a\u304f\u5b58\u5728\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u30ec\u30d9\u30eb\u306f\u97f3\u697d\u5c02\u9580\u5b66\u6821\uff08\u30b3\u30f3\u30bb\u30eb\u30f4\u30a1\u30c8\u30ef\u30fc\u30eb\uff09\u304b\u3089\u5730\u57df\u306e\u533a\u6c11\u4f1a\u9928\u306e\u97f3\u697d\u6559\u5ba4\u306e\u3088\u3046\u306a\u3082\u306e\u307e\u3067\u69d8\u3005\u3067\u3059\u304c\u3001\u97f3\u697d\u304c\u65e5\u5e38\u306b\u5b58\u5728\u3059\u308b\u304b\u3089\u3053\u305d\u3001\u305d\u306e\u6559\u80b2\u74b0\u5883\u3082\u65e5\u672c\u4eba\u304b\u3089\u306f\u60f3\u50cf\u304c\u51fa\u6765\u306a\u3044\u7a0b\u306b\u300c\u516c\u5171\u6027\u300d\u304c\u5f37\u304f\u306a\u3063\u3066\u3044\u308b\u6a21\u69d8\u3067\u3059\u3002\u7686\u69d8\u3082\u3054\u5b58\u3058\u306e\u901a\u308a\u3001\u65e5\u672c\u306b\u304a\u3044\u3066\u3001\u7279\u306b\u5e7c\u5c11\u671f\u3067\u306f\u3001\u4e3b\u3068\u3057\u3066\uff08\u8fd1\u6240\u306e\uff09\u500b\u4eba\u306e\u5148\u751f\u306e\u4e0b\u3067\u97f3\u697d\u6559\u80b2\u3092\u59cb\u3081\u308b\u306e\u304c\u7279\u5fb4\u3067\u3001\u305d\u306e\u5148\u751f\uff08\u696d\u754c\u7528\u8a9e\u3067\u30ec\u30b9\u30ca\u30fc\uff09\u3092\u901a\u3058\u3066\u697d\u5668\u306e\u8cfc\u5165\u306e\u7d39\u4ecb\u304c\u306a\u3055\u308c\u308b\u30eb\u30fc\u30c8\u304c\u30e1\u30a4\u30f3\u3068\u306a\u308a\u307e\u3059\u3002\u6b27\u5dde\u3067\u306f\u305d\u308c\u304c\u305d\u3082\u305d\u3082\u6700\u521d\u304b\u3089\u6700\u5f8c\u307e\u3067\u516c\u7684\u306a\u6a5f\u95a2\uff08\u6240\u5c5e\u3059\u308b\u5148\u751f\u3082\u3001\u7acb\u5834\u3068\u3057\u3066\u306f\u516c\u52d9\u54e1\uff09\u3092\u901a\u3058\u305f\u3082\u306e\u306b\u306a\u308b\u306e\u3067\u3059\u3002 \u3064\u307e\u308a\u3001\u6b27\u5dde\u306f\u5e7c\u5c11\u671f\u304b\u3089\u306e\u97f3\u697d\u6559\u80b2\u30b7\u30b9\u30c6\u30e0\u81ea\u4f53\u304c\u65e5\u672c\u3088\u308a\u69cb\u9020\u7684\u306b\u78ba\u7acb\u3055\u308c\u3066\u304a\u308a\u3001\u571f\u53f0\u304b\u3089\u9802\u70b9\u307e\u3067\u539a\u307f\u3082\u3042\u308b\u3053\u3068\u306b\u3088\u3063\u3066\u3001\u697d\u5668\u8ca9\u58f2\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u4e0a\u3067\u7279\u5b9a\u3059\u3079\u304d\u8cfc\u5165\u8005\u306e\u30da\u30eb\u30bd\u30ca\u306b\u3082\u3001\u305d\u306e\u30ab\u30b9\u30bf\u30de\u30fc\u30b8\u30e3\u30fc\u30cb\u30fc\u306e\u60f3\u5b9a\u306b\u3082\u3001\u65e5\u672c\u3068\u5168\u304f\u9055\u3063\u305f\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u6c42\u3081\u3089\u308c\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u305d\u306e\u3088\u3046\u306a\u74b0\u5883\u4e0b\u3001KAWAI\u304c\u3069\u306e\u3088\u3046\u306a\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u53d6\u3063\u3066\u3044\u308b\u304b\u306b\u3064\u3044\u3066\u306f\u6b21\u306e\u2462\u3067\u89e3\u8aac\u3092\u3055\u305b\u3066\u3044\u305f\u3060\u304d\u307e\u3059\u3002 \u5c1a\u3001\u9ad9\u7530\u6c0f\u66f0\u304f\u3001\u4eca\u5e74\u306e\u6b27\u5dde\u306e\u97f3\u697d\u5e02\u5834\u306f\u3001\u30a6\u30af\u30e9\u30a4\u30ca\u6226\u798d\u306e\u9577\u671f\u5316\u3068\u3001\u4e2d\u6771\u60c5\u52e2\u60aa\u5316\u306b\u3088\u308a\u3001\u666f\u6c17\u53ca\u3073\u6d88\u8cbb\u30de\u30a4\u30f3\u30c9\u304c\u60aa\u5316\u3057\u3066\u3044\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u5404\u56fd\u306e\u9632\u885b\u4e88\u7b97\u304c\u4e0a\u632f\u308c\u3057\u3066\u3044\u308b\u4e2d\u3067\u3001\u6587\u5316\u7684\u5206\u91ce\u306b\u5bfe\u3059\u308b\u4e88\u7b97\u7e2e\u5c0f\u304c\u76f8\u6b21\u3044\u3067\u304a\u308a\u3001\u4e8b\u696d\u74b0\u5883\u3068\u3057\u3066\u306f\u6c7a\u3057\u3066\u697d\u89b3\u3067\u304d\u306a\u3044\u72b6\u614b\u3060\u3068\u3044\u3046\u3053\u3068\u3067\u3057\u305f\u304c\u3001\u305d\u306e\u3088\u3046\u306a\u4e2d\u3067\u3082KAWAI\u306e\u6b27\u5dde\u4e8b\u696d\u5168\u4f53\u3068\u3057\u3066\u306f\u3001\u5148\u306b\u3054\u7d39\u4ecb\u3057\u305f\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u4e0a\u306e\u65bd\u7b56\u306e\u52b9\u679c\u306e\u4e0a\u306b\u3001\u5546\u6d41\u306e\u7d71\u5408\u306a\u3069\u696d\u52d9\u7ba1\u7406\u3084\u4fa1\u683c\u7ba1\u7406\u9762\u3067\u306e\u6539\u5584\u52b9\u679c\u3082\u3042\u308a\u3001\u73fe\u6642\u70b9\u3067\u306f\u3001\u958b\u793a\u3055\u308c\u3066\u3044\u308b\u8cc7\u6599\u306e\u901a\u308a\u4eca\u5e74\u5ea6\u901a\u5e74\u306e\u5f53\u521d\u4e88\u7b97\u3092\u9054\u6210\u3055\u305b\u308b\u81ea\u4fe1\u3092\u6301\u3063\u3066\u3044\u308b\u3068\u3001\u529b\u5f37\u3044\u30b3\u30e1\u30f3\u30c8\u3092\u9802\u304d\u307e\u3057\u305f\u3002 \u6700\u5f8c\u306b\u3001\u2462\u4eca\u5b9f\u884c\u4e2d\u306eKAWAI\u306e\u6226\u7565\u3001\u306b\u3064\u3044\u3066\u3067\u3059\u3002 \u5148\u8ff0\u306e\u901a\u308a\u3001\u6b27\u5dde\u306e\u697d\u5668\u8ca9\u58f2\u306e\u9375\u3068\u306a\u308b\u306e\u304c\u516c\u5171\u97f3\u697d\u6559\u80b2\u6a5f\u95a2\u306e\u5148\u751f\u3068\u306a\u308a\u307e\u3059\u3002\u305d\u308c\u3089\u5148\u751f\u306f\u97f3\u697d\u5bb6\u3068\u3057\u3066\u3001\u305d\u3057\u3066\u516c\u52d9\u54e1\u3068\u3057\u3066\u3001\u7d0d\u5f97\u611f\u306e\u3042\u308b\u54c1\u8cea\u3068\u4fa1\u683c\u306e\u30b3\u30f3\u30d3\u30cd\u30fc\u30b7\u30e7\u30f3\u3092\u6c42\u3081\u308b\u3053\u3068\u3068\u306a\u308a\u307e\u3059\u3002\u3067\u3042\u308b\u304b\u3089\u3053\u305d\u3001\u65e2\u306b\u54c1\u8cea\u306e\u826f\u3044\u3082\u306e\u3092\u4f5c\u3063\u3066\u3044\u308bKAWAI\u304b\u3089\u3059\u308b\u3068\u3001\u305d\u306e\u8a8d\u77e5\u3092\u5e83\u3081\u3066\u3001\u6f5c\u5728\u7684\u30e6\u30fc\u30b6\u306b\u4fa1\u5024\u3092\u7406\u89e3\u3057\u3066\u3082\u3089\u3046\u3053\u3068\u306b\u3088\u308a\u3001\u5b89\u6613\u306b\u4fa1\u683c\u52dd\u8ca0\u3092\u305b\u305a\u306b\u6b63\u9762\u304b\u3089\u52dd\u8ca0\u3092\u6311\u3081\u308b\u3001\u8cbb\u7528\u5bfe\u52b9\u679c\u304c\u9ad8\u3044\u5e02\u5834\u3067\u3042\u308b\u3068\u3082\u8a00\u3048\u308b\u306e\u3067\u3059\u3002 \u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u4e0a\u306e\u65bd\u7b56\u3068\u3057\u3066\u306f\u3001\u8a73\u7d30\u306a\u4ed5\u7d44\u307f\u306e\u3054\u8aac\u660e\u306f\u63a7\u3048\u3089\u308c\u305f\u3082\u306e\u306e\u3001\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u30a8\u30fc\u30b8\u30a7\u30f3\u30c8\u3068\u7d44\u307f\u3001\u30d6\u30e9\u30f3\u30c9\u30b9\u30c8\u30fc\u30ea\u30fc\u3092\u5dee\u3057\u8fbc\u3080\u3079\u304d\u30da\u30eb\u30bd\u30ca\u3092\u7279\u5b9a\u3057\u3001\u30bf\u30fc\u30b2\u30c3\u30c8\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u3092\u884c\u3063\u305f\u4e0a\u3067\u3001\u81ea\u793e\u306e\u30a6\u30a7\u30d6\u30b5\u30a4\u30c8\u306e\u8a2a\u554f\u30a2\u30af\u30bb\u30b9\u3092\u5897\u3084\u3057\u3001\u5185\u5bb9\u306e\u6fc3\u3044\u30d6\u30e9\u30f3\u30c9\u30b9\u30c8\u30fc\u30ea\u30fc\u3068\u54c1\u8cea\u306e\u4e2d\u8eab\u3092\u4f1d\u3048\u308b\u7b49\u3001\u6628\u5e74\u5f8c\u534a\u306e\u534a\u5e74\u3092\u304b\u3051\u3066\u884c\u3063\u305f\u4e00\u9023\u306e\u65bd\u7b56\u306e\u52b9\u679c\u304c\u4eca\u5e74\u304b\u3089\u5f90\u3005\u306b\u9855\u5728\u5316\u3057\u3064\u3064\u3042\u308b\u3068\u306e\u3053\u3068\u3067\u3059\u3002\u6f5c\u5728\u8cfc\u8cb7\u5c64\u306fSNS\u3092\u901a\u3058\u3066KAWAI\u30a6\u30a7\u30d6\u30b5\u30a4\u30c8\u3092\u8a2a\u554f\u3057\u305f\u4e0a\u3067\u3001\u3055\u3089\u306b\u95a2\u5fc3\u3092\u6301\u3063\u305f\u4eba\u3005\u304c\u3001KAWAI\u306e\u8ca9\u58f2\u5e97\uff08\u4ee3\u7406\u5e97\uff09\u3092\u8a2a\u308c\u308b\u307e\u3067\u3092\u4e00\u3064\u306e\u30b5\u30a4\u30af\u30eb\u3068\u3057\u3066\u7ba1\u7406\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u30d6\u30e9\u30f3\u30c9\u30b9\u30c8\u30fc\u30ea\u30fc\u306f\u3001\u63d0\u4f9b\u3059\u308b\u5546\u54c1\u81ea\u4f53\u304c\u672c\u8cea\u7684\u306b\u826f\u3044\u5834\u5408\u306b\u9650\u308a\u4e2d\u9577\u671f\u306e\u518d\u73fe\u6027\u306b\u7e4b\u304c\u308a\u3001\u30d6\u30e9\u30f3\u30c9\u8a8d\u77e5\u304c\u3055\u3089\u306b\u6df1\u5316\u3059\u308b\u3053\u3068\u3068\u306a\u308a\u307e\u3059\u304c\u3001KAWAI\u306e\u5834\u5408\u3067\u8a00\u3046\u3068\u30012025\u5e74\u306e\u30b7\u30e7\u30d1\u30f3\u30b3\u30f3\u30af\u30fc\u30eb\u3067\u306e\u8e8d\u9032\u304c\u3001\u8a00\u8449\u306b\u3088\u308b\u811a\u8272\u306a\u3069\u5fc5\u8981\u306a\u304f\u672c\u8cea\u7684\u306a\u826f\u3055\u3092\u65e2\u306b\u7269\u8a9e\u3063\u3066\u3044\u308b\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002 \u3053\u306e\u3088\u3046\u306b\u3001KAWAI\u306e\u4eca\u5f8c\u306e\u6210\u9577\u306e\u9375\u3068\u306a\u308b\u6b27\u5dde\u5e02\u5834\u306f\u6975\u3081\u3066\u7af6\u4e89\u304c\u53b3\u3057\u304f\u3001\u30d7\u30ed\u30e6\u30fc\u30b6\u30fc\u306e\u76ee\u7dda\u306b\u53f6\u3046\u660e\u5feb\u306a\u4fa1\u5024\u57fa\u6e96\u3001\u6240\u8b02\u30d0\u30ea\u30e5\u30fc\u30d7\u30ed\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u63d0\u793a\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002\u4eca\u56de\u306e\u9762\u8ac7\u306b\u3066\u3001\u305d\u306e\u96e3\u3057\u3044\u5e02\u5834\u306b\u304a\u3044\u3066\u3082\u3001KAWAI\u5341\u5e74\u306e\u8a08\u306e\u6226\u7565\u306e\u6700\u524d\u7dda\u3067\u3042\u308b\u30c7\u30b8\u30bf\u30eb\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u6226\u7565\u306e\u52b9\u679c\u304c\u7740\u5b9f\u306b\u840c\u82bd\u3057\u3064\u3064\u3042\u308b\u3053\u3068\u3092\u304a\u4f3a\u3044\u3067\u304d\u305f\u3053\u3068\u306f\u6975\u3081\u3066\u6709\u76ca\u3067\u3057\u305f\u3002\u305d\u306e\u6210\u679c\u304c\u5e02\u5834\u30b7\u30a7\u30a2\u306e\u62e1\u5927\u3001\u30d6\u30e9\u30f3\u30c9\u4fa1\u5024\u306e\u5411\u4e0a\u3001\u3055\u3089\u306b\u306f\u5229\u76ca\u306e\u62e1\u5927\u3068\u6f38\u9032\u7684\u306b\u3064\u306a\u304c\u308a\u3001\u6700\u7d42\u7684\u306bKAWAI\u306e\u4f01\u696d\u4fa1\u5024\u306e\u62e1\u5927\u306b\u5bc4\u4e0e\u3059\u308b\u3082\u306e\u3068\u79c1\u3069\u3082\u306f\u611f\u3058\u3066\u304a\u308a\u307e\u3059\u3002 \u5c1a\u3001\u524d\u8ff0\u306e\u30b7\u30e7\u30d1\u30f3\u30b3\u30f3\u30af\u30fc\u30eb\u3067\u306e\u63a1\u7528\u7387\u306e\u62e1\u5927\u306e\u307f\u306a\u3089\u305a\u3001KAWAI\u306e\u30a6\u30a7\u30d6\u30b5\u30a4\u30c8\u306e\u3053\u3061\u3089\u306b\u63b2\u8f09\u3055\u308c\u3066\u3044\u308b\u30b9\u30e9\u30a4\u30c9\u96c6\u300c\u5922\u3092\u53d7\u3051\u7d99\u304e\u3001\u4e16\u754c\u304c\u8a8d\u3081\u308b100\u5e74\u30d6\u30e9\u30f3\u30c9\u300d\u306f\u3001\u63a7\u3048\u3081\u306a\u30ca\u30e9\u30c6\u30a3\u30d6\u3067\u306f\u3042\u308b\u3082\u306e\u306e\u3001\u5f53\u793e\u306e\u30d6\u30e9\u30f3\u30c9\u304c\u7740\u5b9f\u306b\u4e16\u754c\u306e\u30c8\u30c3\u30d7\u30b7\u30fc\u30f3\u306b\u6d78\u900f\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u5370\u8c61\u4ed8\u3051\u307e\u3059\u3002\u5f53\u30b9\u30e9\u30a4\u30c9\u96c6\u306ep.5\u3092\u4e0b\u56f3\u306b\u30d4\u30c3\u30af\u30a2\u30c3\u30d7\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u65e2\u306b\u6d77\u5916\u306e\u540d\u3060\u305f\u308b\u30db\u30fc\u30eb\u3084\u97f3\u697d\u5927\u5b66\u306b\u5f53\u793e\u306eShigeru Kawai\u3084Kawai GX\u30d6\u30e9\u30f3\u30c9\u7b49\u306e\u30d5\u30eb\u30b3\u30f3\u30b5\u30fc\u30c8\u4ed5\u69d8\u306e\u30b0\u30e9\u30f3\u30c9\u30d4\u30a2\u30ce\u304c\u7d0d\u5165\u3055\u308c\u3066\u3044\u308b\u3053\u3068\u304c\u793a\u3055\u308c\u3066\u3044\u307e\u3059\u3002 \uff08\u51fa\u6240\uff1aKAWAI HP\u3088\u308a\u629c\u7c8b\uff09 \u79c1\u3069\u3082\u306f\u3001\u5f53\u793e\u306e\u6210\u9577\u3092\u5fdc\u63f4\u3059\u308b\u682a\u4e3b\u3068\u3057\u3066\u3001\u305d\u3057\u3066\u300c\u89aa\u3057\u304f\u3082\u3001\u53b3\u3057\u3044\u53cb\u4eba\u300d\u3068\u3057\u3066\u3001\u5f15\u304d\u7d9a\u304d\u5f53\u793e\u306e\u4f01\u696d\u4fa1\u5024\u6700\u5927\u5316\u306e\u305f\u3081\u306e\u5efa\u8a2d\u7684\u306a\u5bfe\u8a71\u3092\u7d99\u7d9a\u3057\u3066\u53c2\u308a\u307e\u3059\u3002 \uff08\u904e\u53bb\u306e\u95a2\u9023\u3059\u308b\u6295\u7a3f\uff09 2026\u5e746\u670815\u65e5 \u30fc \u6cb3\u5408\u697d\u5668\u88fd\u4f5c\u6240 \u5927\u91cf\u4fdd\u6709\u5831\u544a\u66f8\u63d0\u51fa\u306b\u3064\u3044\u3066 2025\u5e7410\u670821\u65e5 \uff0d \u30b7\u30e7\u30d1\u30f3\u56fd\u969b\u30d4\u30a2\u30ce\u30b3\u30f3\u30af\u30fc\u30eb\u306b\u3064\u3044\u3066\u306e\u7d9a\u5831 2025\u5e7410\u670812\u65e5 \u30fc \u682a\u5f0f\u4f1a\u793e\u6cb3\u5408\u697d\u5668\u88fd\u4f5c\u6240 CIO\u6e05\u6c34\u306e\u30b3\u30e1\u30f3\u30c8 2025\u5e745\u670831\u65e5 \u30fc \u682a\u5f0f\u4f1a\u793e\u6cb3\u5408\u697d\u5668\u88fd\u4f5c\u6240 \u4e2d\u671f\u7d4c\u55b6\u8a08\u753b\u306b\u3064\u3044\u3066\u306e\u610f\u898b\u4ea4\u63db 2025\u5e744\u670810\u65e5\u30fc\u682a\u5f0f\u4f1a\u793e\u6cb3\u5408\u697d\u5668\u88fd\u4f5c\u6240 \u6771\u6d0b\u7d4c\u6e08\u65b0\u5831\u793e\u8a18\u4e8b\u306b\u3064\u3044\u3066 2025\u5e743\u670823\u65e5 \u30fc \u682a\u5f0f\u4f1a\u793e\u6cb3\u5408\u697d\u5668\u88fd\u4f5c\u6240 \u4e2d\u671f\u7d4c\u55b6\u8a08\u753b\u30b3\u30e1\u30f3\u30c8 2024\u5e7412\u67084\u65e5 \u30fc \u682a\u5f0f\u4f1a\u793e\u6cb3\u5408\u697d\u5668\u88fd\u4f5c\u6240 \u30c7\u30a3\u30b9\u30ab\u30c3\u30b7\u30e7\u30f3\u306b\u3064\u3044\u3066 2024\u5e746\u67088\u65e5 \u30fc \u682a\u5f0f\u4f1a\u793e\u6cb3\u5408\u697d\u5668\u88fd\u4f5c\u6240 \u30c7\u30a3\u30b9\u30ab\u30c3\u30b7\u30e7\u30f3\u306b\u3064\u3044\u3066 2024\u5e741\u670814\u65e5 \u30fc \u682a\u5f0f\u4f1a\u793e\u6cb3\u5408\u697d\u5668\u88fd\u4f5c\u6240 \u4f01\u696d\u4fa1\u5024\u5411\u4e0a\u306b\u5411\u3051\u305f\u53d6\u7d44\u307f\u306e\u3054\u7d39\u4ecb 2023\u5e749\u67084\u65e5 \u30fc \u682a\u5f0f\u4f1a\u793e\u6cb3\u5408\u697d\u5668\u88fd\u4f5c\u6240 \u30a8\u30f3\u30b2\u30fc\u30b8\u30e1\u30f3\u30c8 \u30a2\u30c3\u30d7\u30c7\u30fc\u30c8\u52d5\u753b\u306b\u3064\u3044\u3066 2023\u5e748\u670823\u65e5 \u30fc \u682a\u5f0f\u4f1a\u793e\u6cb3\u5408\u697d\u5668\u88fd\u4f5c\u6240 \u30c7\u30a3\u30b9\u30ab\u30c3\u30b7\u30e7\u30f3\u306b\u3064\u3044\u3066 2023\u5e746\u670827\u65e5 \u30fc \u682a\u5f0f\u4f1a\u793e\u6cb3\u5408\u697d\u5668\u88fd\u4f5c\u6240 \u682a\u4e3b\u7dcf\u4f1a\u306b\u3064\u3044\u3066 2023\u5e746\u670811\u65e5 \u30fc \u682a\u5f0f\u4f1a\u793e\u6cb3\u5408\u697d\u5668\u88fd\u4f5c\u6240 \u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7 \u30a8\u30f3\u30b2\u30fc\u30b8\u30e1\u30f3\u30c8\u306e\u3054\u7d39\u4ecb\u52d5\u753b\u306b\u3064\u3044\u3066 2023\u5e745\u670818\u65e5 \u30fc \u682a\u5f0f\u4f1a\u793e\u6cb3\u5408\u697d\u5668\u88fd\u4f5c\u6240 \u30a8\u30f3\u30b2\u30fc\u30b8\u30e1\u30f3\u30c8\u8aac\u660e\u52d5\u753b\u306b\u3064\u3044\u3066 2023\u5e745\u67088\u65e5 \u30fc \u682a\u5f0f\u4f1a\u793e\u6cb3\u5408\u697d\u5668\u88fd\u4f5c\u6240 \u66f8\u7c21\u306e\u9001\u4ed8\u306b\u3064\u3044\u3066 \u672c\u6295\u7a3f\u306f\u3001\u3044\u304b\u306a\u308b\u30b5\u30fc\u30d3\u30b9\u82e5\u3057\u304f\u306f\u5546\u54c1\u306e\u63d0\u6848\u3001\u52e7\u8a98\u82e5\u3057\u304f\u306f\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u3001\u5e83\u544a\u3001\u8a98\u56e0\u53c8\u306f\u8868\u660e\u3067\u306f\u306a\u304f\u3001\u6295\u8cc7\u5546\u54c1\u82e5\u3057\u304f\u306f\u3044\u304b\u306a\u308b\u7a2e\u985e\u306e\u6295\u8cc7\u306e\u58f2\u8cb7\u306e\u52a9\u8a00\u82e5\u3057\u304f\u306f\u6295\u8cc7\u5546\u54c1\u306e\u8cfc\u5165\u3057\u82e5\u3057\u304f\u306f\u58f2\u5374\u3059\u308b\u3053\u3068\u3001\u4f55\u3089\u304b\u306e\u6295\u8cc7\u3092\u884c\u3046\u3053\u3068\u3001\u4f55\u3089\u304b\u306e\u53d6\u5f15\u3092\u5b9f\u884c\u3059\u308b\u3053\u3068\u82e5\u3057\u304f\u306f\uff08\u6761\u4ef6\u304c\u8a18\u8f09\u3055\u308c\u3066\u3044\u308b\u304b\u5426\u304b\u3092\u554f\u308f\u305a\uff09\u305d\u306e\u4ed6\u306e\u884c\u70ba\u3092\u907f\u3051\u308b\u3079\u304d\u3053\u3068\u3092\u63a8\u5968\u3059\u308b\u3082\u306e\u3067\u306f\u306a\u304f\u3001\u307e\u305f\u3001\u3044\u304b\u306a\u308b\u7279\u5b9a\u306e\u6295\u8cc7\u82e5\u3057\u304f\u306f\u6295\u8cc7\u6226\u7565\u306e\u30e1\u30ea\u30c3\u30c8\u306a\u3069\u306b\u95a2\u3059\u308b\u610f\u898b\u3067\u3082\u3042\u308a\u307e\u305b\u3093\u3002\u6226\u7565\u3084\u53d6\u5f15\u306e\u3044\u304b\u306a\u308b\u4e8b\u4f8b\u3082\u3001\u5358\u306b\u8aac\u660e\u3092\u76ee\u7684\u3068\u3057\u305f\u3082\u306e\u3067\u3042\u308a\u3001\u904e\u53bb\u53c8\u306f\u5c06\u6765\u306e\u6226\u7565\u3084\u5b9f\u7e3e\u3092\u793a\u3059\u3082\u306e\u3067\u306f\u306a\u304f\u3001\u7279\u5b9a\u306e\u6226\u7565\u306e\u6210\u529f\u53ef\u80fd\u6027\u3092\u793a\u3059\u3082\u306e\u3067\u3082\u3042\u308a\u307e\u305b\u3093\u3002\u307e\u305f\u3001\u672c\u6295\u7a3f\u306f\u3001\u6295\u8cc7\u3001\u8ca1\u52d9\u3001\u6cd5\u5f8b\u3001\u7a0e\u52d9\u305d\u306e\u4ed6\u306e\u3044\u304b\u306a\u308b\u52a9\u8a00\u3067\u3082\u3042\u308a\u307e\u305b\u3093\u3002 \u672c\u6295\u7a3f\u3067\u306f\u3001\u682a\u5f0f\u4f1a\u793e\u6cb3\u5408\u697d\u5668\u88fd\u4f5c\u6240\u682a\uff08\u4ee5\u4e0b\u300cKAWAI\u300d\u3068\u3044\u3044\u307e\u3059\u3002\uff09\u53ca\u3073KAWAI\u30b0\u30eb\u30fc\u30d7\u4f1a\u793e\u306e\u4e8b\u696d\u306b\u95a2\u3059\u308b\u5f0a\u793e\u306e\u8a55\u4fa1\u3001\u63a8\u5b9a\u53ca\u3073\u610f\u898b\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002 \u672c\u6295\u7a3f\u306f\u3001\u516c\u8868\u3055\u308c\u3066\u3044\u308b\u60c5\u5831\uff08\u5f0a\u793e\u306f\u5225\u9014\u306e\u691c\u8a3c\u3092\u884c\u3063\u3066\u3044\u307e\u305b\u3093\u3002\uff09\u306b\u57fa\u3065\u304d\u4f5c\u6210\u3055\u308c\u305f\u3082\u306e\u3067\u3042\u308a\u3001\u5b8c\u5168\u6027\u3001\u9069\u6642\u6027\u53c8\u306f\u5305\u62ec\u6027\u306e\u3042\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002 \u5f0a\u793e\u306f\u3001\u672c\u6295\u7a3f\u306b\u8a18\u8f09\u3055\u308c\u305f\u60c5\u5831\u304c\u6b63\u78ba\u3067\u4fe1\u983c\u3067\u304d\u308b\u3082\u306e\u3067\u3042\u308b\u3068\u4fe1\u3058\u3066\u3044\u307e\u3059\u304c\u3001\u5f0a\u793e\u306f\u3001\u5f53\u8a72\u60c5\u5831\u3084\u8a18\u8f09\u3055\u308c\u3066\u3044\u308bKAWAI\u53ca\u3073\u305d\u306e\u4ed6\u306e\u4f01\u696d\u306b\u95a2\u3059\u308b\u8a18\u8ff0\u3001\u53e3\u982d\u3067\u306e\u30b3\u30df\u30e5\u30cb\u30b1\u30fc\u30b7\u30e7\u30f3\u306b\u3064\u3044\u3066\u306e\u6b63\u78ba\u6027\u3001\u5b8c\u5168\u6027\u53c8\u306f\u4fe1\u983c\u6027\u306b\u3064\u3044\u3066\u4f55\u3089\u306e\u8868\u660e\u53c8\u306f\u4fdd\u8a3c\u3092\u884c\u3046\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u307e\u305f\u3001\u5f0a\u793e\u306f\u3001\u3053\u308c\u3089\u306e\u8a18\u8ff0\u3084\u30b3\u30df\u30e5\u30cb\u30b1\u30fc\u30b7\u30e7\u30f3\uff08\u305d\u308c\u306b\u3064\u3044\u3066\u306e\u4e0d\u6b63\u78ba\u6027\u3084\u6b20\u843d\u3082\u542b\u307f\u307e\u3059\uff09\u306b\u3064\u3044\u3066\u306e\u3044\u304b\u306a\u308b\u8cac\u4efb\u3092\u8ca0\u3046\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u306a\u304a\u3001\u516c\u958b\u4f1a\u793e\u306b\u3064\u3044\u3066\u306f\u3001\u516c\u958b\u4f1a\u793e\u53c8\u306f\u305d\u306e\u5185\u90e8\u8005\u304c\u4fdd\u6709\u3059\u308b\u975e\u516c\u958b\u60c5\u5831\u306e\u3046\u3061\u3001\u5f53\u8a72\u516c\u958b\u4f1a\u793e\u304c\u516c\u958b\u3057\u3066\u3044\u306a\u3044\u60c5\u5831\u304c\u5b58\u5728\u3059\u308b\u5834\u5408\u304c\u3042\u308a\u307e\u3059\u3002\u3057\u305f\u304c\u3063\u3066\u3001\u672c\u6295\u7a3f\u306b\u8a18\u8f09\u3055\u308c\u3066\u3044\u308b\u5168\u3066\u306e\u60c5\u5831\u306f\u3001\u4f55\u3089\u304b\u306e\u4fdd\u8a3c\u3092\u3059\u308b\u3082\u306e\u3067\u306f\u306a\u304f\u3001\u300c\u73fe\u72b6\u306e\u307e\u307e\u300d\u3067\u8868\u793a\u3055\u308c\u3066\u304a\u308a\u3001\u5f0a\u793e\u306f\u305d\u306e\u60c5\u5831\u306e\u6b63\u78ba\u6027\u3001\u5b8c\u5168\u6027\u53c8\u306f\u9069\u6642\u6027\u3084\u3001\u4f7f\u7528\u3057\u305f\u7d50\u679c\u306b\u3064\u3044\u3066\u4f55\u3089\u306e\u8868\u660e\u3082\u6697\u793a\u7684\u306b\u884c\u3046\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u81ea\u3089\u5c02\u9580\u5bb6\u306e\u52a9\u8a00\u3092\u5f97\u3066\u3001\u95a2\u9023\u3059\u308b\u554f\u984c\u306b\u95a2\u3057\u3066\u81ea\u3089\u8a55\u4fa1\u3092\u884c\u3063\u3066\u304f\u3060\u3055\u3044\u3002\u5f0a\u793e\u306f\u3001\u672c\u6295\u7a3f\u306b\u542b\u307e\u308c\u308b\u60c5\u5831\uff08\u305d\u308c\u306b\u3064\u3044\u3066\u306e\u4e0d\u6b63\u78ba\u6027\u3084\u6b20\u843d\u3082\u542b\u307f\u307e\u3059\uff09\u306e\u5168\u90e8\u53c8\u306f\u4e00\u90e8\u306e\u4f7f\u7528\u3084\u305d\u308c\u306b\u95a2\u9023\u3057\u3066\u767a\u751f\u3057\u305f\u3044\u304b\u306a\u308b\u640d\u5931\u306b\u5bfe\u3057\u3066\u3082\u3001\u3044\u304b\u306a\u308b\u7fa9\u52d9\u53c8\u306f\u8cac\u4efb\u3082\u8ca0\u3044\u307e\u305b\u3093\u3002\u3044\u304b\u306a\u308b\u6295\u8cc7\u3082\u3001\u5b8c\u5168\u306a\u8cc7\u672c\u306e\u55aa\u5931\u3092\u542b\u3080\u91cd\u5927\u306a\u30ea\u30b9\u30af\u3092\u4f34\u3044\u307e\u3059\u3002\u3044\u304b\u306a\u308b\u4e88\u6e2c\u3084\u898b\u7a4d\u3082\u308a\u3082\u3001\u5358\u306b\u8aac\u660e\u3092\u76ee\u7684\u3068\u3057\u305f\u3082\u306e\u3067\u3042\u308a\u3001\u60f3\u5b9a\u3055\u308c\u308b\u640d\u76ca\u306e\u4e0a\u9650\u3092\u793a\u3057\u305f\u3082\u306e\u3068\u3057\u3066\u6349\u3048\u308b\u3079\u304d\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u5f0a\u793e\u306f\u3001\u3044\u304b\u306a\u308b\u4eba\u306b\u901a\u77e5\u3059\u308b\u3053\u3068\u306a\u304f\u3001\u672c\u6295\u7a3f\u306e\u5168\u90e8\u53c8\u306f\u4e00\u90e8\u3092\u5909\u66f4\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u304c\u3001\u672c\u6295\u7a3f\u306b\u304a\u3051\u308b\u4fee\u6b63\u3001\u66f4\u65b0\u3001\u8ffd\u52a0\u60c5\u5831\u82e5\u3057\u304f\u306f\u8cc7\u6599\u3092\u63d0\u4f9b\u3059\u308b\u7fa9\u52d9\u3001\u53c8\u306f\u4e0d\u6b63\u78ba\u3092\u8a02\u6b63\u3059\u308b\u7fa9\u52d9\u306f\u8ca0\u3044\u307e\u305b\u3093\u3002 \u672c\u6295\u7a3f\u306b\u306f\u3001\u516c\u958b\u306e\u7b2c\u4e09\u8005\u60c5\u5831\u6e90\uff08\u4ee5\u4e0b\u300c\u7b2c\u4e09\u8005\u8cc7\u6599\u300d\u3068\u3044\u3044\u307e\u3059\u3002\uff09\u304b\u3089\u306e\u30b3\u30f3\u30c6\u30f3\u30c4\u82e5\u3057\u304f\u306f\u5f15\u7528\u3001\u53c8\u306f\u305d\u308c\u3089\u3078\u306e\u30cf\u30a4\u30d1\u30fc\u30ea\u30f3\u30af\u304c\u542b\u307e\u308c\u5f97\u307e\u3059\u3002\u672c\u6295\u7a3f\u306b\u304a\u3051\u308b\u7b2c\u4e09\u8005\u8cc7\u6599\u306e\u5f15\u7528\u306e\u8a31\u53ef\u306f\u3001\u6c42\u3081\u3089\u308c\u3066\u304a\u3089\u305a\u3001\u53d6\u5f97\u3055\u308c\u3066\u3044\u306a\u3044\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u306a\u304a\u3001\u7b2c\u4e09\u8005\u8cc7\u6599\u306e\u5185\u5bb9\u306b\u3064\u3044\u3066\u306f\u3001\u5f0a\u793e\u304c\u72ec\u81ea\u306b\u691c\u8a3c\u3092\u884c\u3063\u305f\u3082\u306e\u3067\u306f\u306a\u304f\u3001\u5fc5\u305a\u3057\u3082\u5f0a\u793e\u306e\u898b\u89e3\u3092\u793a\u3059\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u7b2c\u4e09\u8005\u8cc7\u6599\u306e\u8457\u8005\u53ca\u3073\uff0f\u53c8\u306f\u767a\u884c\u8005\u306f\u3001\u5f0a\u793e\u3068\u306f\u72ec\u7acb\u3057\u3066\u304a\u308a\u3001\u7570\u306a\u308b\u898b\u89e3\u3092\u6301\u3064\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u672c\u6295\u7a3f\u306b\u7b2c\u4e09\u8005\u8cc7\u6599\u3092\u63d0\u4f9b\u3059\u308b\u3053\u3068\u306f\u3001\u5f0a\u793e\u304c\u7b2c\u4e09\u8005\u8cc7\u6599\u306e\u5185\u5bb9\u306e\u4e00\u90e8\u306b\u3064\u3044\u3066\u652f\u6301\u82e5\u3057\u304f\u306f\u540c\u610f\u3059\u308b\u3053\u3068\u3001\u53c8\u306f\u7b2c\u4e09\u8005\u8cc7\u6599\u306e\u8457\u8005\u82e5\u3057\u304f\u306f\u767a\u884c\u8005\u304c\u3001\u95a2\u9023\u3059\u308b\u4e8b\u9805\u306b\u95a2\u3057\u3066\u5f0a\u793e\u304c\u8868\u660e\u3057\u305f\u898b\u89e3\u3092\u652f\u6301\u82e5\u3057\u304f\u306f\u540c\u610f\u3059\u308b\u3053\u3068\u3092\u610f\u5473\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u7b2c\u4e09\u8005\u8cc7\u6599\u306f\u3001\u8a18\u8f09\u3055\u308c\u305f\u554f\u984c\u306b\u95a2\u3057\u3066\u4ed6\u306e\u7b2c\u4e09\u8005\u306b\u3088\u308a\u8868\u660e\u3055\u308c\u305f\u95a2\u9023\u3059\u308b\u30cb\u30e5\u30fc\u30b9\u5831\u9053\u53c8\u306f\u898b\u89e3\u306e\u5168\u3066\u3067\u3082\u3042\u308a\u307e\u305b\u3093\u3002 \u5f0a\u793e\u306f\u3001KAWAI\u53ca\u3073KAWAI\u30b0\u30eb\u30fc\u30d7\u4f1a\u793e\u306e\u4e8b\u696d\u3084\u8cc7\u7523\u3092\u7b2c\u4e09\u8005\u306b\u8b72\u6e21\u53c8\u306f\u5ec3\u6b62\u3059\u308b\u3053\u3068\u306b\u3064\u3044\u3066\u3001\u5f0a\u793e\u304c\u3001\u81ea\u3089\u53c8\u306f\u4ed6\u306e\u682a\u4e3b\u3092\u901a\u3058\u3066\u3001KAWAI\u306e\u682a\u4e3b\u7dcf\u4f1a\u3067\u63d0\u6848\u3059\u308b\u3053\u3068\u3092\u610f\u56f3\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u307e\u305f\u3001\u5f0a\u793e\u306f\u3001KAWAI\u53ca\u3073KAWAI\u30b0\u30eb\u30fc\u30d7\u4f1a\u793e\u306e\u4e8b\u696d\u306e\u7d99\u7d9a\u7684\u304b\u3064\u5b89\u5b9a\u7684\u306a\u5b9f\u65bd\u3092\u56f0\u96e3\u306b\u3059\u308b\u884c\u70ba\u3092\u884c\u3046\u3053\u3068\u3092\u76ee\u7684\u3068\u3059\u308b\u610f\u601d\u3092\u6709\u3057\u3066\u3044\u307e\u305b\u3093\u3002 \u5f0a\u793e\u306f\u3001\u73fe\u5728\u3001KAWAI\u306e\u6709\u4fa1\u8a3c\u5238\u3092\u5b9f\u8cea\u7684\u306b\u4fdd\u6709\u3057\u3001\u53ca\u3073\uff0f\u53c8\u306f\u7d4c\u6e08\u7684\u5229\u5bb3\u95a2\u4fc2\u3092\u6709\u3057\u3066\u304a\u308a\u3001\u5c06\u6765\u306b\u304a\u3044\u3066\u3082\u4fdd\u6709\u3057\u3001\u53c8\u306f\u7d4c\u6e08\u7684\u5229\u5bb3\u95a2\u4fc2\u3092\u6709\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u5f0a\u793e\u306f\u3001KAWAI\u306b\u5bfe\u3059\u308b\u6295\u8cc7\u306b\u3064\u3044\u3066\u3001\u7d99\u7d9a\u7684\u306b\u3001\u307e\u305f\u3001\u69d8\u3005\u306a\u8981\u56e0\u306b\u5fdc\u3058\u3066\u3001KAWAI\u306e\u8ca1\u653f\u72b6\u614b\u53ca\u3073\u6226\u7565\u7684\u65b9\u5411\u6027\u3001KAWAI\u3068\u306e\u5354\u8b70\u306e\u7d50\u679c\u3001\u5168\u4f53\u7684\u306a\u5e02\u5834\u74b0\u5883\u3001\u5f0a\u793e\u304c\u5229\u7528\u53ef\u80fd\u306a\u305d\u306e\u4ed6\u306e\u6295\u8cc7\u6a5f\u4f1a\u3001KAWAI\u306e\u6709\u4fa1\u8a3c\u5238\u306e\u8cfc\u5165\u53c8\u306f\u58f2\u5374\u3092\u5e0c\u671b\u3059\u308b\u4fa1\u683c\u3067\u5b9f\u884c\u3059\u308b\u53ef\u80fd\u6027\u306a\u3069\u3001\u3044\u3064\u3067\u3082\uff08\u5f0a\u793e\u304c\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u5f97\u305f\u5f8c\u306e\u516c\u958b\u5e02\u5834\u53c8\u306f\u975e\u516c\u958b\u306e\u53d6\u5f15\u3092\u542b\u307f\u307e\u3059\uff09\u3001\u58f2\u8cb7\u3001\u30ab\u30d0\u30fc\u3001\u30d8\u30c3\u30b8\u3001\u53c8\u306f\u6295\u8cc7\u306e\u5f62\u614b\u3084\u5b9f\u4f53\uff08KAWAI\u306e\u6709\u4fa1\u8a3c\u5238\u3092\u542b\u307f\u307e\u3059\uff09\u3092\u3001\u95a2\u4fc2\u6cd5\u4ee4\u3067\u8a31\u5bb9\u3055\u308c\u308b\u3044\u304b\u306a\u308b\u65b9\u6cd5\u306b\u3088\u3063\u3066\u3082\u3001\u5909\u66f4\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u3001\u307e\u305f\u3001\u305d\u306e\u3088\u3046\u306a\u5909\u66f4\u306b\u3064\u3044\u3066\u4ed6\u8005\u306b\u901a\u77e5\u3059\u308b\u7fa9\u52d9\u3092\u660e\u793a\u7684\u306b\u8ca0\u3046\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u307e\u305f\u3001\u5f0a\u793e\u306f\u3001KAWAI\u306b\u5bfe\u3059\u308b\u6295\u8cc7\u306b\u95a2\u3057\u3066\u9069\u5f53\u3068\u5224\u65ad\u3059\u308b\u3044\u304b\u306a\u308b\u884c\u52d5\u3082\u53d6\u308b\u6a29\u5229\u3092\u7559\u4fdd\u3057\u307e\u3059\u3002\u3053\u306e\u884c\u52d5\u306f\u3001\u53d6\u7de0\u5f79\u4f1a\u3001\u7d4c\u55b6\u9663\u53c8\u306f\u4ed6\u306e\u6295\u8cc7\u5bb6\u3068\u306e\u30b3\u30df\u30e5\u30cb\u30b1\u30fc\u30b7\u30e7\u30f3\u3092\u542b\u307f\u307e\u3059\u304c\u3001\u3053\u308c\u306b\u9650\u3089\u308c\u307e\u305b\u3093\u3002In June 2026, Hibiki Path Advisors SPC (\u201cwe,\u201d and\/or \u201cus,\u201d) had the opportunity to speak with Mr. Norikazu Takada, President of Kawai Europa GmbH, which oversees KAWAI\u2019s operations across Europe and represents a critical frontline in the execution of the company\u2019s global strategy. Kawai Musical Instruments Manufacturing Co., Ltd. (TSE: 7952; \u201cthe Company\u201d or \u201cKAWAI\u201d) has been one of our core investments since 2023. With the permission of KAWAI, we are pleased to share our observations below. This note is structured in three parts. First, we revisit the \u201cKAWAI Ten-Year Plan\u201d and discuss the strategic importance of the European market. Second, we outline the distinctive characteristics and current conditions of the European market. Third, we examine the key strategic initiatives currently being implemented by KAWAI. \uff5e\uff5e\uff5e\uff5e We begin with (1) the \u201cKAWAI Ten-Year Plan,\u201d which was announced in March last year and on which we shared our initial assessment shortly thereafter. The plan represents a fundamental transformation of KAWAI\u2019s management philosophy and mission, positioning the Company to become the world\u2019s leading keyboard instrument manufacturer. We regard it as an ambitious long-term strategy. (Source: KAWAI Ten-Year Plan) At the time of its announcement, the contraction of China piano market\u2014partly due to policy changes such as the \u201cdouble reduction\u201d policy\u2014was still exerting a negative impact, and some skepticism existed regarding the feasibility of achieving the plan\u2019s long-term targets.…","protected":false},"author":6,"featured_media":532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83,39,69],"tags":[],"class_list":["post-5790","post","type-post","status-publish","format-standard","has-post-thumbnail","category-message-2026","category-engagement","category-69"],"views":94,"_links":{"self":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/5790","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/comments?post=5790"}],"version-history":[{"count":22,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/5790\/revisions"}],"predecessor-version":[{"id":5823,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/5790\/revisions\/5823"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/media\/532"}],"wp:attachment":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/media?parent=5790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/categories?post=5790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/tags?post=5790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n![\"\"](\"https:\/\/www.hibiki-path-advisors.com\/wp-content\/uploads\/2026\/06\/20260624_picture1_ENG-1.png\")
<\/a><\/p>\n
\n![\"\"](\"https:\/\/www.hibiki-path-advisors.com\/wp-content\/uploads\/2026\/06\/20260624_picture2_ENG-1.png\")
<\/a><\/p>\n![\"\"](\"https:\/\/www.hibiki-path-advisors.com\/wp-content\/uploads\/2026\/06\/20260624_picture3_ENG.png\")
<\/a>(Source: KAWAI Website)<\/p>\n
\n15\/Jun\/2026 \u2013 Kawai Musical Instruments Manufacturing: Large Shareholding Report<\/a>
\n21\/Oct\/2025 \u2013 Update on the International Chopin Piano Competition<\/a>
\n13\/Oct\/2025 \u2013 KAWAI\u2019s Remarkable Progress at the Chopin Competition<\/a>
\n31\/May\/2025 \u2013 Discussion on the medium-term management plan with Kawai Musical Instruments Manufacturing<\/a>
\n23\/Mar\/2025 \u2013 Commentary on Medium-Term Management Plan of Kawai Musical Instruments Mfg<\/a>
\n04\/Dec\/2024 \u2013 Discussion with Kawai Musical Instruments Manufacturing Co., Ltd.<\/a>
\n23\/Aug\/2023 \u2013 Discussion with Kawai Musical Instruments Manufacturing Co., Ltd.<\/a>
\n27\/Jun\/2023 \u2013 About AGM of Kawai Musical Instruments Manufacturing Co., Ltd.<\/a>
\n11\/Jun\/2023 \u2013 Introduction of Follow-up Engagement Video about Kawai Musical Instruments Manufacturing<\/a>
\n18\/May\/2023 \u2013 Engagement Explanation Video about Kawai Musical Instruments Manufacturing Co., Ltd.<\/a>
\n08\/May\/2023 \u2013 Letter to Kawai Musical Instruments Manufacturing Co., Ltd.<\/a><\/p>\n
\n
\nThis post has been prepared based on publicly available information, which we have not independently verified, and is not complete, timely, or comprehensive.<\/p>\n