Some commentators have suggested that the debt to income ratio is now so high that it is unsustainable. If they mean by this that it will start to fall under its own weight, I think that this outcome is very unlikely. It is far more likely that the ratio will continue to rise for some time, even if more slowly.
The Nikkei 225 Stock Average is recently moving at the 8,000-8,500 yen level. In the foreign exchange market, the yen appreciated in early March as the U.S. dollar weakened on the whole. Since mid-March, however, the yen has been volatile reflecting the developments in military action against Iraq. The yen is currently traded in the range of 119-121 yen to the U.S. dollar.