earlier i spoke with william pesek, and author of asian economies.out whether tokyo may intervene. i am surprised the boj has been quiet of late and very tolerant of the weaker yen. there are great expectations now that we'll see intervention in the days ahead and one reason why you have not seen intervention is because the bank ofjapan is worried it would fail and if that fails, and the yen does not stabilise, that might be a signal to markets to push the yen even lower. in many ways the boj governor is a fairly new entity at the boj, only been around since april. i think he is looking around to figure out different options to stabilise the yen without intervening, but intervention seems to be in the cards relatively soon. indeed, in the past it cost a lot of money but hasn't really worked. meanwhile in china the yuan level is set by the people's bank of china. do you expect further intervention by the authorities? when you look at the chinese currency that is down about 5%, half of the japanese yen, forjapan and china, the idea that these currencie