Today I met with one of the large import housing builders in Japan. As is it seems to be the custom these days, at the beginning of our meeting I asked how the global downturn was affecting their business. Not surprisingly they see their new home sales decreasing this year. However, despite this their renovation business, or "reform" as it is called in Japan, is up and they expect it to keep growing through the year. As a result, they are putting more energy into that side of the business.