Fukuda-san's graduation concert in 1999 has been subtitled by HPS! 
It was released on the Tracker less than half a day ago:[HPS] Morning Musume 1999 Spring Concert - Memory Seishun no Hikari (1999.04.18 subtitled)Here are 2 of the screencaps from that page:
And here's something interesting from the 'Description' for that torrent:The interesting thing about this graduation is what we now know about the situation at the time between Fukuda and the rest of the group. At the time, her reason given for leaving was to devote herself to her studies. However, she later admitted that she was unhappy, and wanted to get out of the group. For a bit of background, here are some direct quotes from Fukuda which appeared in a 2006 issue of Asahi Geinou, an entertainment magazine: "Devote myself to studying? Ha ha ha ha, that was just an excuse." "I got to see two totally different worlds, living in Tokyo (with my parents) and going to school normally, compared to that (show business) world. If I kept it up, I thought I might not be able to go back to having a normal life. That's why I left. But it was already too late." "It was tough. Right from the start, I thought about quitting." "Because they said things like that (because you're still a kid), I did what I could. I tried my hardest, but they (the other members) looked at me coldly. That's what I couldn't stand." "It became 4 versus 1. Like when we were travelling, the four of them would talk together, and I'd be left all alone. Honestly, on radio programs, they wouldn't talk to me at all. I could only talk to the host. Things like that. So I was happy when the three new members joined. It seemed like the other four were getting together like, 'Here come some new annoyances.' But for me it was like, 'Here come some new friends.' (lol)" "For Nakazawa, who was named as the leader, she also seemed to act harshly as our manager. but maybe it was different with me because I was the youngest. And I was a kid who didn't really think too much, getting difficult things done easily wasn't much fun for me. I was in the waiting room, making a bit of noise, when she yelled, "Shut up!" angrily at me." "After all, while we got along the worst at the beginning, in the end Nakazawa-san and I were the closest. I saw her working hard and getting better at dancing, and I said, "That's great. I'm jealous." That made her happy. Nakazawa-san is the only one I stayed in touch with after leaving." "Right now I'm happy to be doing what I love, so I don't want to go back (to show business). My dream for the future is to become a cute bride." So, with this knowledge, watching this concert is pretty interesting. She seems aloof even during the show, and doesn't shed a tear, although the other members surely do. The backstage scenes are pretty telling, as well.
Here's her interview back in 06, on page 5 of this very thread
We support you, Fukuda-san. 
Zukki 
Ok, just let me dream. 
