The goal of what Japan's central bank is doing is to create growth. If it actually creates growth, in the long run, it will lead to appreciation.

But in general, as countries get wealthier, there's going to be more savings, which means you're going to have intermediation. So part of it is just the huge growth in wealth, and part of it was globalization - these companies, these clients getting much bigger and much more global.

I think the politics have gotten better in the United States, which makes it easier to pass legislation, budgets and treaties.

Dodd-Frank is 2,000 pages long. It covers thousands of rules, regulations, interpretations and things like that.

The country [India] is doing far better.

I do want the tax system to be efficient and be conducive to growth, which it is not.

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.