Let me talk about Japan's interest rate hike this week again, because this is something that I still get asked about repeatedly. I can only say that I was slow to react because the interest rate hike has already been a well-known fact, and the market had digested it quite thoroughly long ago. By the time that moment arrives, the probability of expecting a major market movement is quite low.

Do you want me to say that a 0.75% interest rate is high? Not at all, what really makes people nervous is whether they will continue to tighten the monetary policy. If the Bank of Japan truly embarks on a path of sustained interest rate hikes, that would be like a slow knife cutting meat, so I would say that the reactions to this rate hike have already played out long ago.