As regards these turbulences, we have been one of the first central banks in the world to react immediately, on August 9th, 2007, when we had the first tensions on the money markets. We decided to provide liquidity in order to put the market in a situation where it would function as normal as possible under the circumstances.
In the foreign exchange market, the yen appreciated toward mid-July as foreign investors kept on investing in Japanese stocks, but it fell back as the dollar was purchased reflecting expectations for a recovery in the U.S. economy. The yen is currently traded in the range of 119-121 yen to the U.S. dollar.