I think we'll see a pickup in market activity in the afternoon, but for now market participants are reluctant to take positions ahead of Bush's address later in the morning.

Japan is entering the summer holiday season. Activity should be limited this week and next.

I think most market participants expect further increase. This is not going to be necessarily the end. I think they were hoping for a neutral stance coming out of it. But I think they having thought about it said, well, the Fed really is on top of this, the Fed is on top of inflation and there's a concern about slowing down the economy. And I think that helped it [the market] come back.

The political factor is what's most influencing the market. It's just a few participants who are pushing the market around.

There's a certain amount of rotation of different types of market participants, and now you've got to come in all over again and say, 'OK, here's how you can make money by selling software that people can download for free,' ... A new crowd of people now has to understand that.

There are lots of foreign companies that are reluctant to get into that market, because it's not a market where they can sell an equivalent vehicle at home.