21.   Record-low interest rates in Japan hurt the yen by lowering the return on yen-denominated Japanese deposits.

22.   Record-low interest rates in Japan hurt the yen by diminishing the allure of some Japanese investments.

23.   That hurts the yen because it means Japanese exporters, on balance, have fewer dollars and other foreign currencies to sell for yen when bringing revenues home.

24.   That hurts the yen by making yen-denominated deposits less attractive.

25.   That hurts the yen because Japanese investors generally sell yen for other currencies to buy the foreign securities.

26.   That hurts the yen because those investors generally must sell yen for other currencies to purchase foreign securities.

27.   That hurts the yen because global investors selling Japanese equities often convert the yen proceeds to other currencies.

28.   That hurts the yen because those investors generally have to sell yen for other currencies to purchase foreign securities.

29.   That hurts the yen.

30.   That would hurt the yen as investors selling Japanese stocks often convert the yen proceeds into their home currencies.