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

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.

We use technology to make it cheaper, better, and faster for the client. And then if you have the most flow, you can win. Now, having said that, Silicon Valley wants to take on this business. They think they see an opening.

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

When the government gets involved in pricing, I don't think it's the right way to look at a business.

I do think there will be more Japanese companies expanding out of Japan, and there will be more cross-border flow from Japan.

As a matter of fact 25% of our U.S. investment banking business comes out of our commercial bank. So it's a competitive advantage for both the investment bank - which gets a huge volume of business - and the commercial bank because the commercial bank can walk into a company and say, "Oh, if you need X, Y and Z in Japan or China, we can do that for you."