FOREIGN EXCHANGE RATE
Date	FX-Rate ($J / US$1)	Change 1-Mth (%)	Change 12-Mth (%)
Jan. 1997	34.84	-0.25	-5.02
Feb.	34.99	0.15	-4.91
Mar.	35.07	0.08	-4.88
Apr.	35.20	0.13	-4.70
May	35.32	0.12	-3.92
June	35.35	0.03	-1.56
July	35.44	0.09	-0.33
Aug.	35.52	0.08	0.20
Sept.	35.85	0.33	0.85
Oct.	36.05	0.20	1.01
Nov.	36.15	0.10	1.06
Dec.	36.36	0.21	1.27
Jan. 1998	36.53	0.17	1.69
Feb.	36.42	-0.11	1.43
Mar.	36.36	-0.06	1.29
Apr.	36.53	0.17	1.33
May	36.47	-0.06	1.15
June	36.46	-0.01	1.11
July	36.43	-0.03	0.99
Aug.	36.43	0.00	0.91
Sept.	36.67	0.24	0.82
Oct.	36.99	0.32	0.94
Nov.	37.28	0.29	1.13
Dec.	37.29	0.01	0.93
Jan. 1999	37.45	0.16	0.92
Feb.	37.75	0.30	1.33
Mar.	38.23	0.48	1.87
Apr.	38.27	0.04	1.74
May	38.61	0.34	2.14
June	38.96	0.35	2.50
July	39.47	0.51	3.04
Aug.	39.71	0.24	3.28
Sept.	39.88	0.17	3.21
Oct.	40.05	0.17	3.06
Nov.	40.57	0.52	3.29
Dec.	41.27	0.70	3.98
Jan. 2000	41.75	0.48	4.30
Feb.	42.25	0.50	4.50
Mar.	42.15	-0.10	3.92
Apr.	42.07	-0.08	3.80
May	42.22	0.15	3.61
June	42.33	0.11	3.37
July	42.53	0.20	3.06
Aug.	42.89	0.36	3.18
Sept.	43.85	0.96	3.97
Oct. **	44.71	0.86	4.66
Nov.	45.08	0.37	4.51
Dec.	45.48	0.40	4.21
Jan. 2001	45.66	0.18	3.91
Feb.	45.76	0.10	3.51
Mar.	45.70	-0.06	3.55
Apr.	45.68	-0.02	3.61
May	45.77	0.09	3.55
June	45.77	0.00	3.44
July	45.78	0.01	3.25
Aug.	45.77	-0.01	2.88
Sept.	45.86	0.09	2.01
Oct.	46.57	0.71	1.86
Nov.	47.35	0.78	2.27
Dec.	47.36	0.01	1.88
Jan. 2002	47.45	0.09	1.79
Feb.	47.51	0.06	1.75
Mar.	47.64	0.13	1.94
Apr.	47.76	0.12	2.08
May	48.14	0.38	2.37
June	48.43	0.29	2.66
July	48.50	0.07	2.72
Aug.	48.67	0.17	2.90
Sept.	49.10	0.43	3.24
Oct.	49.30	0.20	2.73
Nov.	49.71	0.41	2.36
Dec.	50.97	1.26	3.61
Jan. 2003	52.98	2.01	5.53
Feb.	53.74	0.76	6.23
Mar.	56.24	2.50	8.60
Apr.	57.31	1.07	9.55
May	59.42	2.11	11.28
June	59.01	-0.41	10.58
July	59.16	0.15	10.66
Aug.	59.39	0.23	10.72
Sept.	59.71	0.32	10.61
Oct.	60.44	0.73	11.14
Nov.	60.65	0.21	10.94
Dec.	60.62	-0.03	9.65
Jan. 2004	60.73	0.11	7.75
Feb.	60.95	0.22	7.21
Mar.	61.01	0.06	4.77
Apr.	60.65	-0.36	3.34
May	60.93	0.28	1.51
June	61.22	0.29	2.21
July	61.80	0.58	2.64
Aug.	61.90	0.10	2.51
Sept.	61.89	-0.01	2.18
Oct.	61.88	-0.01	1.44
Nov.	61.98	0.10	1.33
Dec.	61.63	-0.35	1.01
Jan. 2005	61.87	0.24	1.14
Feb.	61.91	0.04	0.96
Mar.	61.54	-0.37	0.53
Apr.	61.65	0.11	1.00
May	61.71	0.06	0.78
June	61.84	0.13	0.62
July	62.23	0.39	0.43
Aug.	62.24	0.01	0.34
Sept.	62.89	0.65	1.00
Oct.	64.04	1.15	2.16
Nov.	64.67	0.63	2.69
Dec.	64.58	-0.09	2.95
Jan. 2006	64.99	0.41	3.12
Feb.	65.36	0.37	3.45
Mar.	65.50	0.14	3.96
Apr.	65.63	0.13	3.98
May	65.73	0.10	4.02
Jun	66.03	0.31	4.19
Jul	65.99	-0.04	3.76
Aug	65.96	-0.03	3.72
Sep	66.06	0.09	3.17
Oct	66.50	0.44	2.46
Nov	66.92	0.42	2.25
Dec	67.15	0.23	2.57
Jan. 2007	67.55	0.40	2.56
Feb	67.55	0.00	2.19
Mar	67.80	0.25	2.31
Apr	68.08	0.28	2.46
May	68.22	0.14	2.49
Jun	68.58	0.35	2.54
Jul	68.89	0.31	2.90
Aug	69.83	0.94	3.86
Sep	70.41	0.58	4.36
Oct	71.18	0.77	4.68
Nov	71.36	0.18	4.44
Source: BOJ