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                                                                     Exhibit 1.4

(English Translation)

                 REGULATIONS OF THE BOARD OF STATUTORY AUDITORS

                                             Enacted on September 1, 1995
                                             Amended on January 14, 2005

Article 1. (Purpose)

      These Regulations aim at the proper and smooth operation of the Board of
Statutory Auditors of the Company in accordance with laws and rules of Japan and
the Articles of Incorporation, and conforming to the relevant regulations of the
Securities and Exchange Commission of the United States ("SEC").

Article 2. (Organization)

      The Board of Statutory Auditors shall be organized by all the statutory
auditors.

Article 3. (Authority)

      The Board of Statutory Auditors shall receive reports and discuss or make
resolutions on important issues concerning the audits.

Article 4. (Meetings)

      The Meetings of the Board of Statutory Auditors shall in principal be held
once every month; provided, however, extraordinary Meetings may be held whenever
necessary.

Article 5. (Convener and Chairman)

      The chairperson of the Board of Statutory Auditors shall be elected by
voting among statutory auditors.

2. The chairperson shall convene and preside over meetings of the Board of
Statutory Auditors and perform other duties entrusted to the chairperson by the
Board of Statutory Auditors, subject to each statutory auditor's exercise of
his/her own powers.

Article 6. (Notice of Convocation)

      A notice of the convocation of a Meeting of the Board of Statutory
Auditors shall be dispatched to each statutory auditor at least three (3) days
prior to the date set for each meeting; provided, however, that this period may
be shortened in case of urgent need.

2. A Meeting of the Board of Statutory Auditors may be held without the
convocation procedures upon the unanimous consent of all statutory auditors.

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Article 7. (Method of Resolution)

A decision by the Board of Statutory Auditors shall be made by a majority vote
of all of the statutory auditors, except for a decision on the dismissal of the
independent account auditor provided for in Article 13.2 and the approval of the
Board of Statutory Auditors provided for in Article 15.

2. Any decision shall be made by deliberation based on thorough information.

Article 8. (Matters Requiring Resolutions)

      Audit policies, plans, methods and allotment of duties shall be decided by
the Board of Statutory Auditors.

2. Other matters deemed necessary to conduct audit business, including but not
limited to engagement of advisers and budgets for audit expenses , may be
decided by the Board of Statutory Auditors.

Article 9. (Regular Meetings with the Representative Directors, etc.)

      The Board of Statutory Auditors shall hold meetings with the
representative directors on a regular basis to keep up-to-date with any issues
to be addressed by the company, the status of development of the environment for
audits, priority audit items, and any other relevant matters, and shall endeavor
to deepen their mutual understanding and trust with the representative
directors.

2. The Board of Statutory Auditors shall explain its audit policies, audit plan,
the status of audits and the results of audits to the representative directors
and the board of directors.

3. In addition to the requirement set forth in applicable law, the Board of
Statutory Auditors shall determine the matters to be reported to the Board of
Statutory Auditors on prior consultation with the directors.

Article10. (Matters to be Reported by the Statutory auditors)

      Statutory auditors shall report the progress of their executed business as
necessary and whenever requested by the Board of Directors.

2. Statutory auditors, who received a report from a director, an independent
account auditor , an internal auditor or others, shall report the matters to the
Board of Statutory Auditors.

3. The Board of Statutory Auditors shall request independent account auditors,
directors, internal auditors or others to report on an as needed basis with
regard to the auditing matters.

Article 11. (Reports from Director or Independent Account Auditor)

      The Board of Statutory Auditors shall conduct any necessary investigation,
and take any necessary measures, including without limitation providing
suggestions or recommendations to the directors when it receives a report on the
matters enumerated below.

      1) When the Board receives a report from a director that he has found an
      act which is anticipated to cause serious damage to the company.

      2) When the Board receives a report from an independent account auditor
      that he had found an unjust act or material fact in violation of laws and
      rules, or the Articles of Incorporation in relation to the execution of
      director's duties.

      3) When the Board receives a report from a director or an employee with
      regard to the matters determined on prior consultation with the directors.

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Article 12. (Audit Report)

      The Board of Statutory Auditors shall receive accounting documents from
the directors and audit reports from independent account auditors. The full-time
statutory auditor may be designated as the recipient of the documents
aforementioned.

2. The Board of Statutory Auditors shall receive reports on matters stated in
the audit reports made by independent account auditors and shall discuss and
make its own audit reports.

3. An additional note shall be appended to the audit report of the Board of
Statutory Auditors, when a statutory auditor states a different opinion.

4. The audit report of the Board of Statutory Auditors shall be signed and
sealed by each statutory auditor and each full-time statutory auditor shall make
a record to that effect.

Article 13. (Resolutions on the Appointment, Rejection of Reappointment or
Dismissal of Independent Account Auditors)

The following matters concerning the appointment, rejection of reappointment and
dismissal of the independent account auditors shall be resolved by the Board of
Statutory Auditors.

      1) Approval of the proposal, on appointment, rejection of reappointment,
      dismissal of the independent account auditors, to be submitted to the
      shareholders' Meetings.

      2) Request to place the agenda of appointment, rejection of reappointment
      and dismissal of the independent account auditors to the Shareholders'
      Meetings.

      3) Request for submission of the proposal on appointment, rejection of
      reappointment or dismissal of independent account auditors to the
      Shareholders' Meetings.

      4) Appointment of a person to temporarily execute the business of the
      independent account auditor in case of vacancy in the position of
      independent account auditors.

2. The Board of Statutory Auditors shall, upon unanimous consent of all
statutory auditors, dismiss an independent account auditor subject to a cause of
dismissal provided by law. In this case, an statutory auditor appointed by the
Board of Statutory Auditors shall explain the dismissal and its cause at the
first Shareholders' Meeting to be held after the dismissal.

Article 14. (Right to Approve or Demand Proposals regarding Election of
Statutory Auditors)

The following decisions regarding an election of statutory auditors shall be
made by resolution of the Board of Statutory Auditors:

      1) Approval of a proposal for an election of statutory auditors to be
      presented to a general meeting of shareholders;

      2) Demand for an election of statutory auditors to be included in the
      agenda of a general meeting of shareholders; or

      3) Demand for an election of statutory auditors to be proposed to a
      general meeting of shareholders.

Article 15. (Approval of the Board of Statutory Auditors)

Approval of the following proposals, etc., by the Board of Statutory Auditors
shall require the unanimous consent of the Board of Statutory Auditors:

      1) Releasing directors from liabilities, which will be proposed to a
      general meeting of shareholders;

      2) Amending the Articles of Incorporation to allow directors to be
      released from liabilities by resolution of the Board of Directors;

      3) Releasing directors from liabilities, which will be proposed to a
      meeting of the Board of Directors pursuant to

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      the provision in the Articles of Incorporation;

      4) Amending the Articles of Incorporation to authorize to enter into
      limited liability agreements with outside directors; or

      5) Participating in lawsuits in order for the Company to provide support
      for directors.

Article 16. (Consultation regarding Exercise of Rights by Statutory Auditors)

Statutory Auditors may engage in prior consultation with the Board of Statutory
Auditors regarding the exercise of their rights or the performance of their
duties with respect to the following matters:

      1) Response to a written inquiry made to the Statutory Auditor by a
      shareholder prior to a general meeting of shareholders;

      2) Reporting to the Board of Directors, or a demand that the Board of
      Directors convene a meeting of the Board of Directors, etc.;

      3) Expression of opinions on the proposals, documents and other materials
      to be presented at a general meeting of shareholders;

      4) Demand for injunctive relief for the unlawful conduct of director(s);

      5) Expression of opinions at a general meeting of shareholders regarding
      the election, dismissal, resignation and remuneration of statutory
      auditor(s);

      6) Matters concerning lawsuits between the Company and director(s); and

      7) Any other matters concerning the filing of a lawsuit, etc.

Article 17. (Discussion on the Mutual Voting Election and Remuneration of
Full-time and Permanent Statutory auditors)

      The Board of Statutory Auditors shall make resolutions by unanimous
consent of all statutory auditors on the mutual voting election and remuneration
of the full-time statutory auditor.

Article 18. (Authority of the Board of Statutory Auditors under the U.S. law)

In accordance with the regulations, etc. of the SEC, the Board of Statutory
Auditors shall have the authority mentioned below:

      (1) to establish procedure for the receipt, retention and treatment of
      complains received by the Company

      (2) to engage independent counsel and other advisers necessary to carry
      out duties of the Board of Statutory Auditors

      (3) to be allocated budgets necessary to carry out duties of the Board of
      Statutory Auditors

      (4) for the appointment, retention and oversight of the work of any
      registered public accounting firm engaged for the purpose of preparing or
      issuing an audit report or performing other audit, review or attest
      services for the Company, to the extent permitted by laws of Japan.

      (5) to grant approval, regarding the services provided by the accounting
      auditor registered with the Public Company Accounting Oversight Board
      ("PCAOB"), pursuant to the "Prior Approval Policies for Audit and
      Non-Audit Services" to be separately prescribed.

Article 19. (Minutes)

      The outline of the proceedings of the meetings of the Board of Statutory
Auditors and the results thereof shall be recorded in writing or electronically
in the minutes of the Board of Statutory Auditors, and the statutory auditors
present at the meeting shall affix their names and seal impressions thereto or
electronically sign such minutes.

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2. The minutes of the proceeding paragraph shall be maintained for ten years.

Article 20. (Administration Office)

      Auditors Office shall be placed in the Board of Statutory Auditors and
administrate the operation of the Board of Statutory Auditors.

Article 21 (Auditing Standards)

      Matters concerning operation of meetings of the Board of Statutory
Auditors, etc. shall be governed by laws and rules, the Articles of
Incorporation, these regulations and auditing standards prescribed by the Board
of Statutory Auditors.

Article 22. (Amendment and Abolition)

      Any amendment and abolition of these regulations shall be subject to the
resolution of the Board of the Statutory Auditors , provided that Article 18
shall be subject to the both resolution of the Board of the Statutory Auditors
and the Board of Directors.

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