Joe:

I think there are several positive things to point out.  ISDA is opening an 
office in Japan as of April 13.  They have already hired one person and are 
looking for addtional people.  More importantly, Goldman moved one of its top 
traders worldwide, Tom Montag, from London to Tokyo and is generally beefing 
up the resources in Japan.  IBJ has contacted me about energy trading and 
asked for copies of confirms and says there is growing interest in the market 
place.  That's all I can think of for now.

Take care,

Mark