Q: What is the IME option on the address bar?

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Internet Explorer is a Microsoft product. Why are you asking about a Microsoft product in an Apple community? The Microsoft help forums are located here: http://answers.microsoft.com/en-us?auth=1

If you tap on the arrow at the end of the address bar in IE, that will display a short list of the last websites that you have visited. I've never seen this IME, but what happens if you tap on it?