31.   Japanese life insurers and other institutions must sell yen for other currencies to do so.

32.   Japanese need to sell yen for dollars and other currencies to buy foreign securities, weakening the yen.

33.   Japanese need to sell yen for dollars to buy U.S. securities.

34.   Japanese need to sell yen for other currencies to buy foreign securities or assets.

35.   Japanese need to sell yen for other currencies to buy securities or assets in overseas countries.

36.   Japanese need to sell yen for other currencies to buy those securities.

37.   Japanese investors also have displayed a healthy appetite for Australian-denominated assets, requiring them to sell yen for dollars.

38.   Japanese need to sell yen for dollars and other currencies to buy foreign securities such as U.S. bonds.

39.   Japanese need to sell yen for dollars and other currencies to buy foreign securities, such as U.S. bonds.

40.   Japanese need to sell yen for dollars and other currencies to buy foreign securities, weakening the Japanese currency.