In any case I see step of flashing light

The Tokyo Stock Exchange was poorly allowed the growth in the second quarter. We feel the somewhat hesitant, almost depressed. Do you share this finding

No, I do believe not depressed. To Western scholarship, his conduct remains consistent, especially if one analysis separately the large companies and small high-growth. At the beginning of the year, business Livedoor and Murakami (two scandals of different origins, Editor's note) helped to break the mini-bulle which was formed last year. For large firms, the Nikkei is erratic, it is in line with European and us indices. This year, we will not have an increase of 40 of the market in 2005. But we are probably not at 40. The second quarter GDP figures show that domestic consumption is better than expected. Is this enough to become the main engine of growth Probably not yet, but we are beginning to consider it. In any case, I see step of flashing light.

What is lacking to investors is visibility on global growth, at a time when the Japan and the European Union are on the increase and the United States to decline. The ideal would be to achieve synchronization of savings, American, Japanese and European. A scenario that is not seen for a long time. The other need of visibility is the evolution of rates.

Precisely, the Bank of the Japan left Friday, unchanged interest rates. Do you think that the next Government, formed in September, will increase its pressure on the Central Bank

Everything will depend on the new Prime Minister. According to the different assumptions of composition of the future team, one of them could accentuate pressure. But it would be no great consequence because the political factor is not essential for this central bank independence has shown on several occasions lately. It will therefore lead monetary policy, the economic results. Deflation away, the GDP deflator is more 0.8, and 0.1 out of energy. For its part, the non-energy price index and fresh products is nearby 0.1 or 0.2. On the basis of the current figures and, except accident, can reasonably expect a new increase of 25 basis points before the end of the calendar year and almost certainly before the end of the fiscal year, in March 2007.

The yen has reached these days an against the euro. Can we consider that the Japanese authorities leave spinning their currency to boost exports

No, I do not think, because it is not their purpose. The yen is weak against the euro, not against the dollar. The foreign exchange market fluctuated much over the past months. But the yen-dollar exchange rate is finally close to what it was at the beginning of the year. Investors remain very attentive to the differential in the nominal rates with the United States. The gap remains important, but it stopped widening since the Bank of Japan is out of its zero rate policy and that the Fed has decided to take a break with its policy of monetary tightening. And this, investors have well noted. Another element is the reduction of trade surplus, which is negative for the yen. By the end of the year, I see no different scenario. Here a year, the yen could, however, to strengthen, but it remains difficult to predict.