We continue to strongly support the view that China will implement the announced reform of its steel industry. This will be further supported by continued steel industry consolidation.

The reform plans lack necessary details, but support for Koizumi is still wildly high. We sense the market will firm on hopes for him once more -- least until Upper House elections in late July.

Public support on that issue will be nil, because everyone stuck in their traffic jams is paying those co-pays.

Being seen as reform-minded, Koizumi is drawing support among market players. But we don't know much about his concrete economic policy. This will keep the market from staging a runaway rally.

I hope to reinforce the recognition of the need for reform, ... There's a lot of nominal support for administrative reform, but whether they will actually carry out an effective reform is still very much in the balance.

This tax reform can't make it without the support of the task force leadership ? and it doesn't have it.