Japanese investors have just started kicking in offshore investment at the beginning of the new fiscal year. They will do so more and more from now on, weighing down the yen.

Demand for the dollar will likely remain strong through December, particularly with the bonus season bolstering Japanese retail buying.

These reports will support the euro by holding it above $1.19 against the dollar for the time being.

Asian economies are export driven, so their authorities will continue to worry about stronger currencies. There's a growing concern about intervention.

It's fortunate for us to have such an exciting beginning, since the investment populace does tend to direct money to the top-performing funds. While it would be unrealistic to expect stock appreciation to continue at this incredible rate, we think there will be above-average returns over the next 10 years.

The transfer of the shares in the whaling firm will not affect our policies at all.