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

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 have built a very good company, and we're proud of it. We also recognize that much of it has been built on the shoulders of the thousands of employees and leaders who have worked here before us.

I hate the word universal, because I don't know exactly what it means. The question is, does it work for the client? Travelers was a diversified, financial conglomerate that did very well. The businesses had nothing to do with each other.

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 believe it's a good thing that people say, "Can we find a way to live together in peace?" And they did, for the most part.

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