Thank you for your question.
Of course, we'll take into consideration the same signals as we did when we set up these programs.
With respect to term repo operations, we noticed liquidity issues in the short-term funding markets. These issues were seen in risk premiums, in supply and demand, and in the way the market worked.
As the economy and financial markets recover, there will be less need for our services. That way, we can slowly withdraw these services. That's exactly what we did during the 2008 crisis. We were able to gradually cut these programs.
The same applies to our asset purchases. In terms of private sector asset purchases, at some point, the market will start working fairly well. This will be reflected in the level of activity, in supply and demand, and in prices.
Regarding federal government bond purchases, we've already said that we'll keep them in place until the recovery is well established and well under way.
Based on the experience of other central banks, we're well aware that the exit from the crisis should proceed smoothly. Otherwise, as you said, this could create turmoil in the market.