We're diversified, we're stable and consistent. Our businesses benefit from each other.

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.

India is a huge democracy. Prime Minister [Narendra] Modi has ambitions to try to fix the infrastructure, the rules, taxes, education, and to lift up the Indian people. And we're hopeful that that's going to create positive momentum.

We've had fairly consistent financial results.

I speak to lots of people around the world, and no one would tell you that 25 basis points will make a difference to them.

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.

We see very broad-based, moderate, growth. Most of the sectors are quite strong. I don't see any major potholes, and I believe [the economy] is strengthening.