Trust expected rate of return reflects the price of the trust product; its pricing-mechanism has the basic properties of financial products and influenced by the market factors and constraints.

As the traditional stock pricing method, dividend discount model is defective in that it cannot precisely determine the expected rate of return of investors and future payment of cash dividend.

With no tangible signs of a return to a more normal pricing environment, we expect the BoJ to increase rates only at a gradual pace and keep our 12 months rate target in the 0.75%-1% region.