The Prime Minister Shinzo Abe announced his intention to lower the corporate tax rate by 3.2% in 2015-2016. Details of the tax reform will be released tomorrow, but it is expected that the tax for corporations will be reduced to 30% from the current 35%. In addition, today it was announced the adoption of a program of stimulating the economy of the country by 3.5 trillion yen, which aims to support consumption and the development of small and medium-sized businesses. We recall that at the moment the economy shows a decrease in GDP amid weak consumption and increase the sales tax in April this year. We maintain our medium-term negative outlook on the yen.