Today was published statistics on industrial production in Japan in July. Thus, the index fell by 0.6% in July, compared with an expected growth of 0.1%. It should be noted that in the previous period, an increase of 0.8%. The negative influence of industrial production in Japan was a slower growth of industry in China. Support for the Japanese economy is the devaluation of the yen. Demand for the yen is supported by investors' concerns about the risks associated with China. Our medium-term outlook for the yen remains negative and we expect a high level of volatility in the near future.