On August 7th, Mark Matthews, head of the Credit Suisse Asia research department, published the latest comments on Japan's recent monetary policy and market. He believes that the recent price volatility of the Japanese yen and financial markets reflects panic selling. The Bank of Japan does not need to raise interest rates significantly at current levels. After the market panic subsides, the 520 basis point spread between the yen and the US dollar will once again dominate the yen to dollar exchange rate, and the yen is expected not to appreciate. Mark Matthews indicated that Japan's stock market advantages have not changed, which include wage increases of over 5% this year (compared to only 7% in the past 20 years), corporate reforms such as increased dividends and share buybacks, brand asset advantages, high market liquidity, and hundreds of listed companies with stock returns approaching 20%, as well as the general market prediction that the Nikkei average component company's earnings growth will reach 7% this year and 8% next year. "In our opinion, the market has basically bottomed out," said Mark Matthews.