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.

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

The yen is trading where it's trading because people are guessing about people's future interest rates, dollar and yen and about the future growth potential of the economies. And, if this policy works, then the yen will probably strengthen.

We've accommodated the new rules and regulations. We've served our clients and had quite good returns.

As countries get wealthier - all of them, together - you're going to have financial assets. That is a good thing. You could argue the assets were traded too much, or that they're too highly valued, or too leveraged.

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.

The best way to look at any business is from the standpoint of the clients. So there are these certain basic things that aren't going to change. Companies are going to have needs for equity, debt, advice, FX, and derivatives. Individuals are going to have needs for auto loans, mortgages, something that looks like a deposit account, and the ability to send money to people. Those things aren't going to change.