mr. kuroda's shock maybe too much. i think it's reaction to the excitement which we have experienced since the beginning of april. but i'm not very much worried about the japanese economy itself. we can see that the japanese economy -- the actual japanese economy is rather steadily growing by exports and also by private consumption and also by housing. so i think this is the time we see too much excitement of the sentiment is now adjusting towards the actual economy. the market may wait until the result of the upper house election will come out some time in july. i think mr. abe what he should do is that he should at least say what kind of importance he will take in his growth strategy. and he'll also have to show the time schedule of how he's going to realize his policy before the election. >> the japanese government has formlated its long-term economic and fiscal policies. the document states it should balance its budget by fiscal 2020 and even consider cutting social security costs to reduce the nation's snowballing

mr. kuroda, and i am supportive of what japan is doing, even though it does have some effects on our economy as well. there are a lot of reasons why emerging markets and other countries experience capital inflows and volatility. some of them have to do with changes in growth expectations. for example, we've seen a lot of changes in growth patterns in the emerging markets recently. some of it has to do with risk on, risk off behavior. and some of it probably does have to do with monetary policy which includes, of course, the united states. we do pay attention to that. i frequently meet with colleagues from emerging markets at the g-20, for example, and we discuss these issues. i think the right way to think about it is that as the g-7 and the g-20 both have been noted, that what u.s. monetary policy like that of japan is trying to o is trying to help this economy grow. and strong global growth depends very much on the u.s. growing at a reasonable rate. so while there is some effect, i think the net effect, including a stronger u.s. economy is on the whole positive, and i think most of my coll