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Perhaps I've taken it back a step.

The one is the only major currency that is still overvalued.

The yen is very far from being overvalued.

The Stevie girls and the banking union rules

suggest that we'll have to have bail-ins for banks that are failing.

That means that investors will take losses.

Bloomberg surveillance, your link to the world of economics, finance and investment,

on Bloomberg radio.

Good morning everybody.

Tom Keene and Michael McKee.

Tom at the IMF meetings in Washington.

I'm here in our New York studios.

And we are looking at kind of an off day in markets. We are waiting for Christine Lagarde, who will be speaking with Tom a little later in the program.

...