The Prime Minister of Japan Shinzo Abe today announced the postponement of raising the sales tax to 18 months. We recall that in April, the sales tax was increased by 3% to 8%, and in October 2015 was supposed to take place an increase from 8% to 10%. In addition, Mr. Abe said that the lower house of parliament will be dissolved on November 21. We recall that policy aimed at achieving the inflation rate of 2.0% resulted in the creation of about 1 million jobs, but has led to a decline of GDP in the 3rd quarter of this year. Given the current situation in the Japanese economy, we expect the continuation of stimulation with growth of liquidity, resulting in a further decline of the yen. We maintain our medium-term negative outlook on the Japanese yen, but expect further growth of the stock market of the country.