The red was a sign of weakness.

Revenues dropped sharply in the current quarter as a result of continued weakness in carrier spending. However, even amidst this downturn we have continued to secure design wins, particularly for our upper-layer products. We believe that new products and new design wins are the most important actions we can take to begin the recovery process.

Minister Miyazawa told me that Japan's foreign exchange policy was unchanged, and that excessive weakness of the yen was undesirable for the Japanese economy as well as for the Asian and world economy,

There is just no weakness.

We've seen weakness in the copper market, we've seen weakness in the hog market, we've seen weakness in wheat, we've also had weakness in the energy complex, primarily natural gas.

The Fed has assumed that the weakness in the first quarter was temporary. This confirms that. The reasonable view was you don't have a one-third rise in energy prices without consequences.