Japan is the canary in the coalmine. Oil might be flowing to Japan (sort of) but oil is not the only issue here. The impact on the global industrial supply chain will show up first in Japan. We have already seen that with the Japanese petrochemical companies. Naphtha is a major import from the Middle East for the Japanese. Sumitomo Chemical even issued a force majeure on some of its products. The impact of the Iranian attack on the aluminum smelter plants will be equally profound. Japan imports about 30% of its aluminum imports from there. What do car companies do now? We haven’t yet seen the troubles impact SPE orders. As I have argued before, I believe it’s a matter of time. If you own a stock like Tokyo Electron as a US based institutional investor, you probably are sitting on handsome gains in US Dollar terms. Why not sell? Best regards, Mateen