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

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

The transaction reflects our disciplined strategy of investing capital in core businesses where we can leverage scale and expertise for competitive advantage. In addition to being a great strategic fit, the deal is compelling financially.

We've seen the volatility at dollar-yen, U.S. Treasurys, JGBs (Japanese government bonds), German bunds.

All businesses tend to pass costs onto customers.

I'm not going to name anybody, but I think there are about five to 10 global institutions that will emerge as our primary competitors across the board. They're adjusting to this new world, like we are.

Just because we're stupid doesn't mean everybody else was.