stefan angrick, a senior economist at moody's analytics, gave us a sense of the road ahead for the japanese didn't get inflation because of strongest domestic demand, stronger domestic wage growth. it got better inflation because energy and food prices pick up, and the hope is now that that will stick. that that will shake japan out of this longer term stagnation and leave it with enough escape velocity, to escape inflation domestically. we're seeing signs of that starting to happen with the wage negotiations. but we do not yet have a guarantee that this will actually translate into better economy—wide wage gains and better economy—wide consumption, which is really what the boj needs to tighten interest rates to raise interest rates further. you mentioned wages there. of course, salaries injapan have been somewhat flat for almost three decades now. we are, as you said, starting to see big companies raising salaries. but what about smaller companies? the tentative shorter results, the spring range negotiation results that we got last week — they weigh large companies a little bit more. so as