Mrs. Watanabe

There's a lot of cash that Japanese corporations have been hoarding.

And on top of that, you know, you've got Mr. and Mrs. Watanabe, where year in, year out, you've got very, very high household sector net savings rates.

You know, so the debt I don't think is the problem.

It's the problem for the government because, of course, your budget allocation increasingly is being taken up by interest expense.

And then, as you pointed out, the reality is that I've now got a 10-year bond yielding 3%.

And as a result of that, what you're seeing is that at the margin, at the margin for new money invested, you find that Japanese pensions, Japanese insurance companies, as well as Japanese retail investors, at the margin for the new money coming in, they're actually focusing on the domestic markets.

You've seen this year, year to date, the moment the 10-year bond, you know, climbed above 2%, you started to see record buying by Mr. and Mrs. Watanabe.

So household savings, you know, going out of demand deposits, actually going into the JGB market, right? And that will continue.