A $5 billion opportunity

That's a fair point, although volume has been much smaller than last year. Last year there were 204 deals. This year, so far, there have been 134. So we've been affected.

Relative to Asia or the US, at least the market has proven to be open for new deals.

There are deals getting done. There is money and liquidity around. But there has only been Y2.5 trillion $20.78 billion raised versus Y5 trillion last year.

Has the Koizumi effect been positive for Japan, in your view

We had a period from...