the Fed ripped rates higher in the face of COVID, and then after that, they started to reduce rates. Bank of Japan had begun to increase interest rates. So, initially, the first first half of this chart, the bottom the bottom part of that chart is the actual spread itself. The fed funds rate minus the Bank of Japan policy rate. That's the spread. So, you'll see that because the Bank of Japan did not increase interest rates when the Fed ripped rates higher from 500 basis points, um you know, in starting from 2022, that policy rate spread went from nearly zero. In In
Bank of Japan had begun to increase interest rates.