That's probably good, all things being equal, for emerging markets, not bad, even though it may not be great for all their currencies.

The "third arrow" (of structural reform) is critically important. Japan has some of the best companies in the world, and if you look at their technology, their capability, it's extraordinary.

Banks also have to say no to customers. We can't always give clients what they want; it may not be in the client's best interest.

All businesses tend to pass costs onto customers.

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.

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

The term "too big to fail" must be excised from our vocabulary.