Against the background of steady overseas demand and the yen’s depreciation to date, real exports have stayed firm since July after having increased significantly in the second quarter. Real imports, on the other hand, have been stagnant on average. As a result, the real trade surplus has been increasing with some fluctuations.
As far as the resolution point is concerned, an authority should in my view be able to decide that a CCP needs to go into resolution even before the recovery waterfall has been exhausted, for two reasons. First, there might be a public interest in a CCP going into resolution rather than waiting for the recovery instruments to be exhausted.