All our clients know that we're there, we're steady, we do a good job, we earn a fair return for ourselves, which I think is critical.

We take smaller companies and middle-sized companies, all around the world, and we do currency exchange for them; we raise bonds and equities for them; and we do inventory finance, trade finance, and custody of assets.

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

One of the issues with some of these lenders is going to be, where will their provider of credit be when there's a crisis? That's why some of these smarter services, to support their operations, are courting more permanent capital. They want a source of longer-term funding that can survive a crisis.

[That is] hard to predict, [it] could be either September or December [2016] I personally think the sooner the better because that would be a good sign that the Fed believes the economy is significantly stronger.

They'll [China] probably be a fully developed nation. The road there just is not going to be that easy. You're going from a macromanaged, top-down economy to a market-managed, micromanaged type of economy, with all the potential corruption issues, SOE [state-owned enterprise] reform, and market reform that come with it.

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