Mr. Yenzo said that today's decline was an oil shock.

Starting from around 6 PM today, we will deliver Mr. Yenkura's market commentary, together with the summary below, in the full video.

　Today's decline was an oil shock.

US shale oil is said to break even at $50. To crush that shale oil industry, oil-producing countries Russia and Saudi Arabia have moved to set prices below $30.

　Because oil money is withdrawn from the securities market, both US stocks and Japanese stocks fell.

　Some say it's Lehman Shock level, but at that time US Treasury yields also fell.

　The yield on US Treasuries at the time of Lehman was 1.32%; currently it's lower than that, but the Lehman Shock involved a double blow of bank failures and a deteriorating real economy.

However, with this coronavirus crisis, of course the real economy will deteriorate, but since there hasn't been a crisis where banks fail, I don't think it constitutes Lehman Shock–level crisis.

　There is a possibility that global interest rates will go to zero and stay there. Since Japanese rates are already low, today the bottom for the yen was around 101 per dollar, but I think there is a good chance it could break below 100.

　At the time of Brexit, the dollar/yen briefly dipped to 98, but afterward it hovered around 100–102.

I think a similar situation may occur.

Furthermore, recalling similar past situations, during the 1997 LTCM crisis, US Treasury yields fell and US stock prices declined, but the FRB (Federal Reserve Board) cut rates and the economy recovered.

I think there is a possibility it could happen again.

Furthermore, this is not a coronavirus shock, but could be described as a consumption-tax shock.