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.

We've had fairly consistent financial results.

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

I've always been a ... believer in good regulation.

JPMorgan was already, for the most part. Our businesses at JPMorgan share the same cash-management systems. The commercial bank, the private bank, the retail bank, they all use the branches. The cash-management system moves the money around the world - for global corporations, and for you, the consumer, too.

I am still a Democrat. The main reason is because I don't like the Republican stance on some social values. Not that I disagree with all of them. I just don't think they have a right to impose it upon other people. I've been public about that.