thatlas: i would say things are not looking at all bad.is same quarter, the june quarter of 2007, profits were exactly the same as they are now just before the global financial crisis. but in that quarter, the yen was now we are ¥14 stronger, at 109. manus: and the appreciation obviously, in the yen, with the , isese renminbi, the yuan also a demonstrable headwind, shortly? nicholas: i don't think the chinese are particularly large competitors for the japanese. the second-largest trading relationship with the japanese, no? it is the second-biggest trading relationship on a global basis. nicholas: and the vast majority of that, the chinese can't afford so they bolted together and send it across to people who can afford it. it all dropped out of the numbers in the end. there is very little correlation between the currency rate and japan's relationship with china. obviouslyt is something to consider. let's think about this then. not a bad set of data in your opinion. the last time round, we saw the profits at these levels, that was 2007. how