The present invention relates to novel phenoxy derivatives, processes for preparing them, pharmaceutical compositions containing them and their use as pharmaceuticals as modulators of sphingosine-1-phosphate receptors. A power coupling system transfers power between a power source and a powered device separated by a physical and electrical isolation barrier. In the liquid crystal device, the liquid crystal is placed in such an alignment state that the liquid crystal is monostabilized under no voltage application and is tilted in response to the application of voltages of opposing polarities so that the saturation voltage becomes larger at small cell thickness. By this structure layers, an Ag-based reflection layer or Ag-based metal semitransparent layer can apply to a phase-change optical disc without requiring a layer for preventing the Ag-based layer from sulfurization.