We have believed for many years, much earlier than anyone else was talking about this issue, that it was in the interest of China to evolve to a more flexible exchange rate system.

I think the Chinese authorities, one, clearly recognize the advantage to move to a more flexible monetary system and, two, they recognize it has to be done in a gradual way but that it has to be done without delay,

And then you might decide that the country can just spend maybe years or decades to regain that credit, or maybe give that county the support, the financial support that the market is not willing not do.

Moving to a truly flexible exchange rate requires a lot of preparatory steps. China is seriously engaged in taking these preparatory steps,

The prospects are so good for Toyota. The only issue on Toyota's horizon is the exchange rate, which has been in its favor this year.

We see a recovery in Europe, not very acute but a recovery, and we see a more broad-based recovery in Japan.