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Page 1: Indicators

Fixed Income Research Please refer to the end of this research report for relevant information.

Mizuho Securities Translation Tools

June 2008

ECONOMIC DATA

An English language resource from Mizuho Securities

Please note that much of the following information can only be read using a system with capacity to read Japanese language font.

In alphabetical order by Reading

Japanese Reading English Released by 貿易収支 boueki shuushi trade balance MOF 貿易統計 boueki toukei trade statistics MOF 貿易・サービス収支 boueki. saabisu shuushi Goods & Services Account MOF 部門別成長寄与度 bumon betsu seichou

kiyodo Contributions to Changes in GDP Cabinet

チェーンストア販売額 cheen sutoa hanbaigaku Sales of Chain Stores METI 地域別国際収支 chiiki betsu kokusai shuushi Regional Balance of Payments 遅行指数 chikou shisuu Lagging index 賃金構造基本統計 chingin kouzou kihon toukei Basic Survey on Wage Structure MHLW 貯蓄関数 chochiku kansuu savings function 貯蓄投資バランス chochiku toushi baransu I-S balance, I-S relation 直接投資 chokusetsu toushi direct investment MOF 中間財 chuukan zai Intermediate goods 中小企業業況判断来期見通

し(全産業) chuushou kigyou gyoukyou handan raiki mitooshi (zensangyou)

Index of Business Outlook Judgement

Cabinet

中小企業景況観調査 chuushou kigyou keikyoukan chousa

SME Business Sentiment Index Shoko Chukin

中小企業売上高(製造業) chuushou kigyou uriagedaka (seizougyou)

Index of Sales in Small and Medium Sized Enterprises

Cabinet

第3次産業活動指数 daisanji sangyou katsudou shisuu

Indices of Tertiary Industry Activity

METI

デフレーター defureetaa Deflators Cabinet 電力需要実績 denki juyou jiseki Electricity Demand FEPC デリバティブ取引に関する定

例市場報告 (吉国委統計) deribatibu torihiki ni kansuru teirei shijou jouhou (yoshikuni toukei)

The Regular Derivatives Market Statistics (Yoshikuni Statistics)

BOJ

ディフュージョン・インデックス difyuujon indekkusu Diffusion Index (DI) 営業利益(全産業) eigyou rieki (zensangyou) Operating Profits Cabinet 外貨準備等の状況 gaika junbi tou no joukyou International Reserves/ Foreign

Currency Liquidity MOF

Page 2: Indicators

June 2008

Mizuho Securities - Translation Tools 2

Japanese Reading English Released by 外貨準備増減 gaika junbi zougen Changes in Reserve Assets MOF 外国為替平衡操作の実施状

況 gaikoku kawase heikou sousa no jisshi joukyou

Foreign Exchange Intervention Operations

MOF

限界貯蓄性向 genkai chochiku seikou Marginal Propensity to Save (MPS)

限界効率 genkai kouritsu marginal efficiency 限界消費性向 genkai shouhi seikou Marginal Propensity to Consume

(MPC)

限界輸入性向 genkai yunyuu seikou Marginal Propensity to Import 原系列 genkei retsu original series Cabinet 原材料消費指数(製造業) genzairyou shouhi shisuu

(seizougyou) Index of Consumption of Raw Materials

Cabinet

原材料在庫率指数(製造業) genzairyou zaiko ritsu shisuu (seizougyou)

Index of Raw Materials Inventory to Consumption Ratio (Manufacturing)

Cabinet

原材料在庫指数(製造業) genzairyou zaiko shisuu (seizougyou)

Index of Raw Materials Inventory (Manufacturing)

Cabinet

月次消費動向調査 getsuji shouhi doukou chousa

Monthly Consumer Confidence Survey

ESRI, Cabinet

月例経済報告 getsurei keizai houkoku Monthly Economic Report Cabinet 銀行新規貸出金利 ginkou shinki kashidashi

kinri Interest rates on new loans and discounts from banks

BOJ

歯止め効果 hadome kouka ratchet effect 平均貯蓄性向 heikin chochiku seikou Average Propensity to Save

(APS)

平均消費性向 heikin shouhi seikou Average Propensity to Consume (APC)

本邦対外資産負債残高 honpou taigai shisan fusai zandaka

International Investment Position of Japan

MOF

法人企業動向調査 houjin kigyou doukou chousa

Business and Investment Survey of Incorporated Enterprises

ESRI, Cabinet

法人企業景気予測調査 houjin kigyou keiki yosoku chousa

Business Outlook Survey MOF

法人企業統計調査 houjin kigyou toukei chousa Financial Statements Statistics of Corporations by Industry

MOF

法人企業統計季報 houjin kigyou toukei kihou Company Statistics Seasonal Report

法人企業統計年報 houjin kigyou toukei nenpou Financial Statements Statistics of Corporations by Industry, Annual

MOF

法人向けサービス価格指数 houjin muke saabisu kakaku shisuu

Corporate Service Price Index BOJ

法人税収入 houjin zei shuunyuu Corporation Tax Revenue Cabinet 百貨店販売額 hyakkaten hanbai gaku Sales at Department Stores Cabinet 一次速報値 ichiji sokuhou ne 1st preliminary Cabinet 一致系列 itchi keiretsu Coincident Index 一致指標 itchi shihyou Coincident indicator; Coincident

index

Page 3: Indicators

June 2008

Mizuho Securities - Translation Tools 3

Japanese Reading English Released by 実質法人企業設備投資(全産業)

jisshitsu houjin kigyou setsubi toushi (zensangyou)

Business Expenditures for New Plant and Equipment

Cabinet

実質機械受注(船舶・電力を除く民需)

jisshitsu kikai juchuu (senpaku denryoku o nozoku minju)

New orders for Machinery (excluding private demand for ship building & electric power plants)

Cabinet

実質国内総支出 jisshitsu kokunai sou shishutsu

Gross Domestic Expenditure at Constant Prices (i.e. Real GDP)

実質成長率 jisshitsu seichouritsu Real GDP 実質消費支出 jisshitsu shouhi shishutsu Real Consumption Expenditures MIC 実質輸出入指数 jisshitsu yushutsu shisuu Real Trade Balance BOJ 常用雇用指数(製造業) jouyou koyou shisuu

(seizougyou) Index of Regular Workers Employment

Cabinet

住宅着工統計 juutaku chakkou toukei New Dwellings Started MLIT 家電販売実績 kaden hanbai jisseki Sales of household electrical

appliances NEBA

稼働率指数(製造業) kadouritsu shisuu (seizougyou)

Index of Capacity Utilization Ratio Cabinet

貨幣錯覚 kahei sakkaku money illusion 開発途上国に対する資金の

流れ kaihatsu tojoukoku ni taisuru shikin no nagare

Japan’s Financial Flows to Developing Countries

MOF

改革と展望 kaikaku to tenbou Basic Policies for Economic and Fiscal Policy Management and Structural Reform

CEFP

家計調査 kakei chousa Family Income and Expenditure Survey (FIES)

家計の可処分所得 kakei no kashobun shotoku Disposable Personal Income (DPI)

家計消費支出(全国勤労者世帯、名目)

kakei shouhi shishutsu (zenkoku roudou sha setai meimoku)

Family Expenditure Cabinet

完全失業率 kanzen shitsugyou ritsu Unemployment Rate Cabinet 貸出・資金吸収動向等 kashidashi shikin suishuu

doukou tou Principal Figures of Financial institutions

BOJ

貸出約定平均金利 kashidashi yakujou heikin kinri

Average Contracted Interest Rates on Loans and Discounts

BOJ

可処分所得 kashobun shotoku disposable income 過少雇用均衡 kashou koyou kinkou Underemployment Equilibrium 加速度原理 kasokudo genri acceleration principle 経常移転収支 keijou iten shuushi Current Transfers MOF 経常収支 keijou shuushi Current Account MOF 景気動向調査 keiki doukou chousa Economic Trends Research Teikoku 景気動向指数 keiki doukou shisuu Index of Business Conditions Cabinet 景気ウォッチャー調査 keiki uotchaa chousa Economy Watchers Survey Cabinet 景気予測調査 keiki yosoku chousa Business Outlook Survey MOF

Page 4: Indicators

June 2008

Mizuho Securities - Translation Tools 4

Japanese Reading English Released by 経済・物価の将来展望とリス

ク評価 keizai bukka no shourai tenbou to risku hyouka

Outlook for Economic Activity and Prices (Formerly, Outlook and Risk Assessment of the Economy and Prices)

BOJ

例経済報告 keizai houkoku Monthly Economic Report Cabinet 建築着工統計 kenchiku chakkou toukei Building Construction Started MLIT 建築着工床面積(商、鉱工業、サービス)

kenchiku chakkou yukamenseki (shou koukougyou saabisu)

Total Floor Area of Building Construction Started

Cabinet

建設活動指数 kensetsu katsudou shisuu Indices of Construction Industry Activity

METI

建設統計 kensetsu toukei Construction statistics MLIT 企業物価 kigyou bukka Corporate goods price index BOJ 企業物価指数 kigyou bukka shisuu Corporate goods price index

(replaces the Wholesale Price Index)

BOJ

企業行動に関する調査 kigyou koudou ni kansuru chousa

Annual Survey of Corporate Behaviour

Cabinet

企業向けサービス価格指数 kigyou muke saabisu kakaku shisuu

corporate service price index BOJ

機械受注 kikai juchuu Machinery Orders/ Orders received for Machinery

Cabinet

機械受注(船舶・電力除く民需)

kikai juchuu sempaku denryoku nozoku minju

Private-sector Machinery Orders (excluding volatile ones for ships and electric power companies)

Cabinet

機械受注統計 kikai juchuu toukei Data on Machinery Orders Cabinet 季節調整系列 kisetsu chousei keiretsu seasonally adjusted series at

annual rates Cabinet

季節調整済 kisetsu chousei zumi Seasonally adjusted 季節調整済指数 kisetsu chousei zumi shisuu Seasonal Adjustment Index 寄与度 kiyodo Contributions Cabinet 帰属価値 kizoku kachi Imputed Value 国民純生産 kokumin jun seisan Net National Product (NNP) 国民経済計算 kokumin keizai keisan National Accounts 国民所得 kokumin shotoku National Income (NI) 国民所得統計速報 kokumin shotoku toukei

sokuhou Estimates of GDP Cabinet

国民総生産 kokumin sou seisan Gross National Product (GNP) Cabinet 国民総支出 kokumin sou shishutsu GNE (=GNP) Cabinet 国内銀行貸出約定平均金利 kokunai ginkou kashidashi

yakujou heikin kinri Average Contracted Interest Rate on Loans and Discounts

Cabinet

国内純生産 kokunai jun seisan NDP :Net Domestic Product 国内需要 kokunai juyou Domestic Demand Cabinet 国内企業物価指数 kokunai kigyou bukka

shisuu Domestic corporate goods price index

BOJ

国内総生産 kokunai sou seisan Gross Domestic Product (GDP) Cabinet

Page 5: Indicators

June 2008

Mizuho Securities - Translation Tools 5

Japanese Reading English Released by 国内総支出 kokunai sou shishutsu GDE (= GDP) Gross Domestic

Expenditure Cabinet

国債及び借入金並びに政府

保証債務現存高 kokusai oyobi kariirekin narabi ni seifu hoshou saimu genzon daka

Central Government Debt “Outstanding Government Bonds and Borrowings”

MOF

国際収支状況 kokusai shuushi joukyou Balance of Payments MOF コンビニエンスストア売上高 konbiniensu sutoa

uriagedaka Total Convenience Store Sales JFA

公示地価 kouji jika Published Land Prices MLIT 工場立地動向調査 koujou ricchi doukou

chousa Survey of Factory Location Trends

METI

恒常所得仮説 koujou shotoku kasetsu permanent income hypothesis 鉱工業生産指数 koukougyou seisan shisuu Indices of Industrial Production/

Index of Industries Production (Mining and Manufacturing)

METI

鉱工業生者出向指数 koukougyou seisansha shukkou shisuu

Indices of Producers’ Shipments in Mining and Manufacturing

METI

公務等活動指数 koumu tou katsudou shisuu Public Administration etc. Indices METI 小売業販売額 kourigyou hanbaigaku Retail Sales Value METI 小企業の借り入れ状況調査 kourigyou no kariire joukyou

chousa Survey of loan conditions for Small Enteprises

NLFC

工作機械受注額 kousaku kikai juchuu gaku Machine Tool Orders JMTBA 公的部門 kouteki bumon official sector 公的需要 kouteki juyou public demand Cabinet 公的固定資本形式 kouteki kotei shihon keishiki public investment Cabinet 公的在庫品増加 kouteki zaiko hin zouka public inventory Cabinet 雇用者所得 koyousha shotoku Compensation of Employees Cabinet 毎月労働統計 maitsuki roudou toukei Monthly Labour Statistics MHLW 毎月勤労統計調査 maitsuki roudou toukei

chousa Monthly Labour Survey MHLW

マネーサプライ(M2+CD) maneesapurai (M2+CD) Money Supply (M2+CD) Cabinet 名目国内総支出 meimoku kokunai sou

shishutsu Gross Domestic Expenditure at Current Prices (i.e. Nominal GDP)

Cabinet

民間住宅 minkan juutaku residential investment Cabinet 民間需要 minkan juyou private demand Cabinet 民間企業設備 minkan kigyou setsubi non-residential investment Cabinet 民間最終消費支出 minkan saishuu shouhi

shishutsu private consumption; Private final consumption expenditure

Cabinet

民間在庫品増加 minkan zaiko hin zouka private inventory Cabinet

民生用電子機器国内出荷 minseiyou denshi kiki kokunai shukka

Domestic shipments of Major Consumer Electronic Equipment

JEITA

内閣府月例経済報告 naikakufu getsurei keizai houkoku

Monthly Economic Report Cabinet

年次別 nenjibetsu Annual Cabinet 年率表示 nenritsuhyouji Annualized Rate Cabinet

Page 6: Indicators

June 2008

Mizuho Securities - Translation Tools 6

Japanese Reading English Released by 日系企業のアジア景況感調

査 nikkei kigyou no ajia keikyoukan chousa

monthly survey of Japanese companies business sentiment in Asia

JETRO

日経商品指数(17種) nikkei shouhin shisuu (17 shu)

Nikkei Commodity Price Index (17 items)

Cabinet

農林水産生産指数 nourinsuisan seisan shisuu Indices of Agriculture, Forestry and Fisheries Production

METI

オフショア勘定残高 ofushoa kanjou zandaka Balance of Offshore Accounts MOF 遅行系列 okuriyuki keiretsu Lagging Index 大型小売店販売額 oogata kouriten hanbaigaku Sales of Large-scale Retail

Stores METI

大口電力使用量 ooguchi denryoku shiyouryou

Large Industrial Power Consumption

Cabinet

卸売物価指数 oroshiuri bukka shisuu Wholesale Price Index (WPI) ラスパイレス方式 rasupairesu houshiki Laspeyres formula 暦年 rekinen calendar year Cabinet 労働分配率 roudou bunpai ritsu Labour share 労働の限界生産力 roudou no genkai

seisanryoku marginal product of labor

労働統計 roudou toukei Labour statistics MHLW 労働力調査 roudouryoku chousa Labour Force Survey MHLW 最終需要 saishuu juyou Final Demand 最終需要財在庫率指数 saishuu juyou zai zaiko ritsu

shisuu Index of Producer's Final Demand Goods and Inventory Shipment Ratio

Cabinet

最終需要財在庫指数 saishuu juyou zai zaiko shisuu

Index of Producer's Final Demand Goods Inventory

Cabinet

先行系列 sakiyuki kei leading Index 先行指標 sakiyuki shihyou leading indicator 3大都市圏平均の住宅地、商業地

sandai toshi en heikin no juutakuchi, shougyouchi

average cost of land for residential and commercial use in three major cities (Tokyo, Osaka & Nagoya)

MLIT

産業活動分析 sangyou katsudou bunseki Analysis of All Industrial Activities METI 政府最終消費支出 seifu saishuu shouhi

shishutsu government consumption Cabinet

生活意識に関するアンケー

ト調査 seikatsu ishiki ni kansuru ankeeto chousa

The Opinion Survey on the General Public's Mindset and Behavior

生活に関するアンケート調

査 seikatsu ni kansuru ankeeto chousa

Opinion Survey on the General Public’s Mindset and Behavior

BOJ

生産指数(鉱工業) seisan shisuu (koukougyou) Index of Industries Production (Mining and Manufacturing)/ Indices of Industrial Production

METI

生産財出荷指数 seisan zai shukka shisuu Index of Producer’s Shipments 生鮮食品を除く総合指数 seisen shokuhin wo nozoku

sougou shisuu General index excluding fresh food

MIC

製造工業生産予測 seizou kougyou seisan yosoku

Index of Manufacturing Production Forecast

METI

石油統計 sekiyu toukei Petroleum Statistics METI 設備稼働率 setsubi kadou ritsu Capacity Utilisation Ratio METI 車名別新車販売台数 shameibetsu shinsha

hanbai daisuu New car sales by model JAIA

市街地価格指数 shigaichi kakaku shisuu Urban Land Price Index JREI 四半期入札 shihanki nyuusatsu quarterly refunding USA

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Mizuho Securities - Translation Tools 7

Japanese Reading English Released by 支払 shiharai debits 資本収支 shihon shuushi capital and financial account MOF 資本財 shihon zai capital goods 資本財出荷指数 shihonzai shukka shisuu Shipment of capital goods index 資金循環勘定 shikin junkan kanjou Flow of funds BOJ 新規求人数(除学卒) shinki kyuujin suu (nozoku

gakusotsu) New Job offers Except for New Graduates

Cabinet

新規約定貸出し金利 shinki yakujou kashidashi kinri

Contracted Interest Rates on New Loans

新設住宅着工戸数 shinsetsu juutaku chakkou tosuu

New Housing Starts Cabinet

新設住宅着工床面積 shinsetsu juutaku chakkou yukamenseki

Total Floor Area of New Housing Construction Started

Cabinet

新車販売台数 shinsha hanbai daisuu New Car Sales JADA 新車新規登録・届出台数(乗用車)

shinsha shinki touroku todokede daisuu (jouyousha)

Number of New Passenger Car Registrations and Reports

Cabinet

自然失業率 shizen shitsugyouritsu Natural rate of unemployment 所定外労働時間指数 (製造業)

shoteigai roudou jikan shishuu (seizougyou)

Index of Non-Scheduled Worked Hours

Cabinet

商業販売額指数(卸売業) shougyou hanbai gaku shisuu (oroshiuri gyou)

Index of Sales in Wholesale Trade

Cabinet

商業販売統計 shougyou hanbai toukei Current Survey of Commerce Cabinet; METI

商業販売統計「大型小売店」 shougyou hanbai toukei (oogata kouri ten)

Sales of Large-scale Retail Stores

消費動向調査 shouhi doukou chousa Consumer Confidence Survey ESRI, Cabinet

消費意欲指数 shouhi iyoku shisuu Index of Propensity to Consume Hakuhodo 消費関数 shouhi kansuu consumption function 消費性向 shouhi seikou Propensity to consume 消費支出 shouhi shishutsu Consumption Expenditures MIC 消費水準性向 shouhi suijun seikou Living Expenditure Level Index 消費者物価指数 shouhisha bukka shisuu Consumer Price Index MIC 消費者物価指数(生鮮食品を除く総合指数)

shouhisha bukka shisuu (seisen shokuhin wo nozoku sougou shisuu)

Consumer Price Index (General index excluding fresh food)

MIC

消費者動向調査 shouhisha doukou chousa Consumer Confidence Survey ESRI, Cabinet

消費者心理調査 shouhisha shinri chousa Survey of Consumer Sentiment NRI 消費者態度指数 shouhisha taido shisuu Consumer Confidence Index Cabinet 証券投資 shouken toushi portfolio investment MOF 首都圏マンション販売戸数 shutoen manshon hanbai

tosuu Condominium sales in the Tokyo Metropolitan Area

JREI

主要銀行貸出動向アンケー

ト調査 shuyou ginkou kashidashi doukou ankeeto chousa

Senior Loan Officer Opinion Survey on Bank Lending Practices at Large Japanese Banks

BOJ

速報 sokuhou provisional 総需要 soujuyou aggregate demand 総供給 soukyoukyuu aggregate supply 相対所得仮説 soutai shotoku kaisetsu relative income hypothesis 製造工業生産予測指数 souzou kougyou seisan

yosoku shisuu Survey of Production Forecast in Manufacturing (Now, Planned Production on a month-on-month

METI

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Japanese Reading English Released by basis)

対外及び対内直接投資状況 taigai oyobi tainai chokusetsu toushi joukyou

Foreign Direct Investment MOF

対外及び対内証券売買契約

等の状況 taigai oyobi tainai shouken baibai keiyaku tou no joukyou

International transactions in securities

MOF

対家計民間非営利団体 taikakei minkan hieiri dantai Private nonprofit institutions serving households

BOJ

耐久財受注 taikyuu zaijuchuu durable goods orders 対内及び対外証券投資等の

状況 tainai oyobi taigai shouken toushi tou no joukyou

securities investment at home and abroad

MOF

対内証券投資 tainai shouken toushi Purchases and sales of domestic securities by non-residents

MOF

対内対外証券投資 tainai taigai shouken toushi International transactions in securities

MOF

対前年同月比 taizennen doutsukihi changes from previous year 単身世帯収支調査 tanshin setai shushi chousa Income and Expenditure Survey

for One-person Households

特許等使用料 tokkyo nado shiyouryou royalties and license fees 投資環境指数 toushi kankyou shisuu Index of investment climate ESRI 投資環境指数(製造業) toushi kankyou shisuu

(seizougyou) Index of Investment Climate Cabinet

投資の限界効率 toushi no kengai kouritsu Marginal Efficiency of Investment (MEI)

投資収益 toushi shuueki investment income 投資収支 toushi shuushi Financial Account MOF 投資財出荷指数 (除輸送機械)

toushi zai shukka shisuu (nozoku yusou kikai)

Index of Producer's Shipment of Investment Goods

Cabinet

通関貿易統計 tsuukan boueki toukei Trade data 通関収支 tsuukan shuushi Trade balance on customs

clearance basis

受取 uketori Credits 要素所得 youso shotoku factor incomes Cabinet 輸入新車販売台数 yunyuu Shinsha hanbai

daisuu Sales number of imported vehicles

JAIA

輸出数量指数 yushutsu suuryou shisuu Export volume index 有効求人倍率(除学卒) yuukou kyuujin bairitsu

(nozoku gakusotsu) Ratio of job offers to Applicants Cabinet

財貨・サービスの純輸出 zaika saabisu no jun yushutsu

Net Exports of Goods & Services Cabinet

財貨・サービスの輸入 zaika saabisu no yunyu Imports of goods & Services Cabinet 財貨・サービスの輸出 zaika saabisu no yushutsu Exports of Goods & Services Cabinet 在庫率 zaiko ritsu Inventory Ratio METI 財務省景気予測調査 zaimushou keiki yosoku

chousa Business Outlook Survey of the Ministry of Finance

MOF

財政資金対民間収支 zaisei shikin tai minkan shuushi

Receipts and Payment of Treasury Funds with the Private Sector

MOF

財政融資資金月報 zaisei yuushi shikin geppou Monthly Report of the Fiscal Loan Fund

MOF

全国百貨店売上高 zenkoku hyakkaten National Department Store Sales JDSA

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Japanese Reading English Released by baibaidaka

全国コンビニ売上高 zenkoku konbini uriagedaka Natoinal turnover for convenience stores

JFA

全国市街地価格指数 zenkoku shigaichi kakaku shisuu

Urban Land Price Index JREI

全国消費者物価指数 zenkoku shouhisha bukka shisuu

Consumer price index – Japan MIC

全産業活動指数 zensangyou katsudou shisuu

Indices of All Industrial Activity METI

全世帯 zensetai all households 絶対所得仮説 zettai shotoku kaisetsu absolute income hypothesis Note. As far as possible the English is as provided by the issuer of the economic data.

Cabinet = Cabinet Office

CEFP = Council on Economic and Fiscal Policy;

ESRI = Economic and Social Research Institute;

FEPC = The Federation of Electric Power Companies of Japan;

Hakuhodo = Hakuhodo Institute of Life and Living;

JADA = Japan Automobile Dealers Association;

JDSA = Japan Department Stores Association;

JEITA = Japan Electronics and Information Technology Industries Association;

JFA = Japan Franchise Association;

JMTBA = Japan Machine Tool Builders’ Association;

JREI = Japan Real Estate Institute;

JREI = Japan Real Estate Institute;

METI = Ministry of Economy, Trade & Industry;

MHLW = Ministry of Health, Labour and Welfare;

MIC = Ministry of Internal Affairs and Communication;

MLIT = Ministry of Land, Infrastructure and Transport;

MOF = Ministry of Finance;

NEBA = Nippon Electric Big-Stores Association;

NLFC: National Life Finance Corporation;

NRI = Nippon Research Institute;

Teikoku = Teikoku DataBank

This report is available online at

http://www.mizuho-sc.com/english/ebond/translation/indicators.pdf

Page 10: Indicators

Fixed Income Research June 2008 Mizuho Securities Translation Tools

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