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Translation

• Context: a guy was reincarnated in another world as a slime, with a knowledgeable guide called "great sage." Then, he falls in the water, but doesn't suffocate.
• kouiu toki wa, {komatta} toki no "dai kenja"
  こういう時は困った時の『大賢者』
  In times like these, the "great sage" of {troubled} times. (literally.)
  • It's a good idea to consult with her when you're troubled, hence {komatta} toki no, "of when {[you] are troubled}."
• sassoku shitsumon shite-mita
  早速質問してみた
  [I] tried asking [her] promptly.
• "kai. suraimu no karada wa masou nomi de ugoite-imasu.
  sanso wa hitsuyou dewanai tame, kokyuu wa okonatte-orimasen"
• 《解。スライムの身体は魔素のみで動いています。酸素は必要ではない為、呼吸は行っておりません 》
  "Answer. the body of a slime moves by magic particles alone. Since oxygen isn't necessary, [the act of] breathing isn't being performed."
• souieba..., ishiki shitenakatta ga, kokyuu nante shite-inakatta.
  そういえば…、意識してなかったが、呼吸なんてしていなかった。
  [Now that you mention it...], [I hadn't paid attention] but, [I] hadn't been breathing.