And fourth, we must be aware of the fact that episodes of mispricing of credit risk will necessarily be followed by adjustments. It depends on all the parties concerned that such adjustment be smooth and orderly and not abrupt and sharp, which in the second case would be adverse for the global economy I am now at your disposal for questions.
2014 Oct. 2014 Interest Rate Dec. 2012 Jan. 2016 s.a., CY 2012 = 100  Introduction of QQE with Yield Curve Control Sep. 2016  115 110 105 100  95 90 └  2012  13 14 └ └ └ Industrial production Aggregate supply of capital goods  15  └  16 17 └ └ World trade volume Real exports  18  Sources: Ministry of Economy, Trade and Industry, "Indices of Industrial Production," "Indices of Industrial Domestic Shipments and Imports"; CPB Netherlands Bureau for Economic Policy Analysis, "CPB World Trade Monitor"; Bank of Japan, "Developments in Real Exports and Real Imports."