00:00We had verbal intervention earlier. That didn't work. The yen was at a four-decade low again,
00:04well above 163. And then this line that the Bank of Japan is maybe considering upping rates a
00:10little more often than it's used to. Explain to us why that would be important.
00:15Well, yes. So the reaction has been that we've seen the yen stabilize, actually entering positive
00:20territory. The idea is that inflation is starting to become something that Japan are having to look
00:29out quite seriously. The situation in Iran and the Middle East doesn't seem to be calming at all,
00:36which is helping the dollar. But that is weighing significantly on the wet yen,
00:41which then, of course, adds to inflationary pressures. We've sort of got used to a pace
00:45of once every six months from the Bank of Japan raising rates. And they have indicated that they
00:50will be prepared to do more than that. So that is potentially going to weigh on shorter-dated
00:57gilts, but potentially support the, sorry, gilts, Japanese bonds. And that's going to potentially
01:03support the yen. But I think we'd be waiting to see when that action occurs, because it wouldn't
01:08be expected to be at the next meeting. So whether it's enough to sort of stem the decline in the
01:15yen
01:16in the short term, I think we need to still wait to see.
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