After the tsunami in Japan, we were open for business. In fact, I flew there 10 days after the tsunami to show our support for the Japanese people.

We were a land of opportunity. You can never have equal outcomes, but you can have equal opportunity.

I do want the tax system to be efficient and be conducive to growth, which it is not.

Part of the reason some Japanese companies have underperformed financially was corporate governance and board structures.

It's hard in all countries. Democracy is hard, but it's better than the alternatives.

JP Morgan always has higher capital liquidity, that is partially to make up for mistakes and problems and obviously its a tough economy. We support an oversight committee, we supported some of the compensation, new compensation rules, though we already follow most of them. We support a lot of it.

You have your own culture and your own ways of doing things. I hope Japan continues on this path.