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.

Good regulation should be conducive to business and to customer protection.

I want you to say to me right from the start, "We are here to serve customers. We're not here for me to make a lot of money. We're not here to bet on interest rates or credit spreads. We are here to serve our customers really well over a long period of time, and that's how you build a successful business." And so I want to see that, too, you know?

People thought they were going to make a lot of money. And then at one point, it got too hot, and the government wanted to knock it down. Trying to get it up and then knock it down, both were a mistake. And part of the reason, some people think, is that they wanted to equitize some of their companies. A healthy stock market helps equitize companies and reduce the country's debt burden.

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.

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 agree with people who say we want more income equality; we want more consumer protection; and we want sounder banks. I agree with all that.