ICG's global annual IRR is some 70 percent over four or five years. Our strategy is particularly relevant for Japan. It allows us to be long-term, strategic partners with other companies, which is very important here. It allows us to build ventures together with other corporations, and it allows us to build an operating team for the long-term. There are also deal-specific advantages, like being able to use stock as well as cash to make an investment.
Japan is by far the most important market.
Not getting Japan right means you haven't won in Asia. More importantly, in technology and IT for the next five to 10 years, if you don't win in a big way here, you're not going to win globally. In that light, I think Japan stands in a very different light than other markets in Asia. It isn't necessarily more difficult, but it is quite different. But going to Korea or going to China would also be different.