If you were a corporation needing financial services, and I can give you something better, faster, and cheaper across 12 products as opposed to eight, that's business. I'm doing it because I'm serving you; I'm not doing it because I want to be universal.

Part of [Japanese companies] growing and expanding around the world is ... going to help the Japanese keep their lifestyles [despite Japan's] demographics, as a declining population, and [to] make it more conducive to women to go to work, I think, is a plus.

We do all that [ represent companies], because we have a lot of research in Japanese companies, and that research educates investors around the world. It allows us to sell stocks and bonds in Japanese companies.

Dodd-Frank and independent actions of banks go a long way in terms of progress on capital, liquidity, transparency, "living wills" (plans for winding down a bank in the event of a collapse) and resolutions.

You can design a mortgage system that is different without a Fannie and Freddie, but there are principles you have to have, to have a good system.

The economic union - creating a big common market, like the United States, so that you can compete across borders. There are common rules, regulations, and simplification, and that is still a good reason, too. When they put their monetary union together, that created a rigidity that made it hard for currency fluctuations. They don't really have a solution to that.

We had a lot of gridlock on a lot of issues. But, the American system is pretty resilient.