I do believe that some of these regulations made the markets more volatile, and it remains to be seen how bad that can be.

We did not anticipate the political fallout from it. We definitely didn't need it and we paid it back the first day we were allowed to.

Part of the concept of the euro zone was to establish a common market. The banks were going to bank across all their countries like we bank across states. But that concept got killed for a whole bunch of reasons that I won't get into. That was a good concept, by the way. It may yet return, because there are huge economies of scale in banking. That's another thing people don't quite get.

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.

I think what you've seen them do recently in the markets is what most of us learn doesn't ultimately work. But I think everyone has to figure that on their own.

We can take our Japanese clients around the world. We can take them to Brazil, Europe, anywhere. And we also take companies from around the world into Japan.

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.