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.

I don't think that [normalization] necessarily is going to damage the emerging economies.

You can design a mortgage system that is different without a Fannie and Freddie, but there are principles you have to have, to have a good system.

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.

Businesses can be opaque. They are complex. You don't know how aircraft engines work either.

There are two types of depreciation. There is one where you're manipulating currencies. And that's not what Japan is doing.

When you leave people behind, and those people who are left behind, it's not their fault, it's the leaders of the institutions. There's always going to be an elite. You can have an elite in a communist society. It is the leaders, something went wrong, and the leaders collectively are responsible.