We do not exclude the possibility of further declines in the near future. We are thus taking a more defensive stance. The effectiveness of central bank policy is increasingly called into question. The latest efforts, particularly from the Japanese and European central banks, have provided no detectable economic stimulus. The enormous public and corporate debt and global overcapacity are preventing a new, longer-term recovery. On the contrary, the global race to devalue currencies is running counter to the desired inflation targets. In this environment, we are maintaining our defensive position. In the event of a market correction, we will be in a position to take advantage of investment opportunities and buy when share prices are lower.