If the economy grows, housing gets better, quicker.

We do all that [ represent companies], because we have a lot of research in Japanese companies, and that research educates investors around the world. It allows us to sell stocks and bonds in Japanese companies.

I wanted to start by saying that the eurozone - there are two reasons they formed the European Union. One is for political peace and rationalization. And I think that's a good thing for a continent that went through hundreds of years of wars.

I haven't studied it deeply, but the American banks started the crisis with far more capital and what I would call "good liquidity." The riskiest funding is unsecured wholesale funding. It's the most fickle. Not repo, which the government focused on, too. Unsecured. JPMorgan Chase had almost none of that - virtually zero.

You never know exactly how new policies are going to work. That doesn't mean you shouldn't try them.

Their [American banks] big issue will be if they want to deal with the biggest companies, which are doing a lot of business overseas. How they do that is a big question. It's almost impossible to build a global investment bank from scratch. If they want to do that, they probably will have to do an acquisition.

If you can't use dividends, it's not a bad thing to give it back to your shareholders. They'll use it somewhere else.