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The Rise of Buybacks in the Stock Exchange Index
The size and the character of buybacks in Japan I think one could argue need to be distinguished from what we have seen in the United States maybe they'll be diminished moving forward. A lot of the buyback activity here was to offset share issuance as a result of options in our SU programs which you don't tend to see in Japan if at all well. The Japanese companies are taking cash that they have built up through two or three decades of restructuring during a deflationary environment when actually made sense to hold cash.