 I want to turn now to Ito. Ito, for the last hour and an hour and a half or so, we've heard a whole series of problems that have arisen, whether in the WTO, in global value chains, in the international trading system, in the international financial system. In many ways, Japan is caught in the middle in almost all of them, between the US and China, between the US and Korea, between Russia, China and the United States. So I'd be interested in knowing how it feels to be squeezed like this and what the Japanese are planning to do about it. Come back to macroeconomy, which may be a very important aspect of the issue we are discussing. And probably a Japanese experience may provide some kind of implication for that. Now, because I'm an economist teaching at the university, I want to just mention supply and demand. It's very important. And what came out in the beginning of this session, in the previous session, mentioned is the very serious problem of supply side. That is what Lalisa about called secular stagnation and what Robert Gordon just discussed, the total factor productivity of the United States for very stagnant for the last 30 years. Now, if you have a very stagnant supply, you can't do anything. Well, you may be able to stimulate the economy by stimulating demand for a while, but what happened now is maybe stimulated too much. So it just stimulated too much, too many debt and very high price of the stock, and there may be more risk of just falling down. However, demand stimulation is very important when it is very stagnant. And that is what we experienced after the crisis of 2008. And Japanese experience was a typical case. As you probably know, we're very bad situation, what we call deflationary trap. It was in trap. So we have to get out of the trap. And Benomics is very, very unorthodox. Ultra expansion policy combined with inflation target. And we found it was successful. So in order to just get out of the very serious lack of demand, you may need some kind of a very unorthodox method and similarly did by EU and United States. Now, the problem we have, we were successful to change the trend. However, inflation rate is never going up to 2%, and the potential growth rate is very low of 1%. So that just imply supply side is not catching up. So then that is just the next problem. So what happened now is we have abundant demand. So that was just contribution of the previous macroeconomic policies. But then what happened is whether we can just prepare for sudden drop of demand. And unfortunately there are many of the issues we can think of as a source of the disturbance in the next couple of years. And we have already talked a lot about Trump's administration. So let me talk about US-China relations. That is very serious for two countries. But from macroeconomic viewpoint, it may be more serious because it can be a cause of the triggering of the dropping of demand. I have a lot of opportunity now talking to Japanese business people what they are doing responding to this kind of conflict. And most of them mentioning shifting production location from one from China to other places. Because most of the multinational companies, not only Japanese, American, European, just spreading the production location in many countries in order to just prepare for the risk. So when the risk is more visible, it is very natural for the companies to just shifting production. And also I have asked the question whether you are going to make an increase in investment in China. And then, well, they are not very sure because they have to wait and see whether there is going to be an increase in risk or not. So if this kind of trade conflict is just changing the mindset of the industry, not only Japan, United States, Europe. And that can have a very important implication for the world economy. It seems ironic that maybe a little bit optimistic, but in as much as Japan seems to have, if not solved, addressed its demand insufficiency problem, it is now facing very serious supply side problems. So it just goes to show that you can't win. But I think it highlights the fact that in an interdependent international economy, no one country can hope to address all of its economic problems without taking into account what is happening in the rest of the world.