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We are thrilled to have Jeffrey Dennis with us with UBS on the emerging market watch, but maybe also on the collapsed multi-decade market watch, which always in forever is Japan. The emperor has requested an

abdication according to NHK news. The crown prince is I believe 56 and has been waiting.

There are some similarities to England,

but Japan is an island nation very different

from the United Kingdom.

What difficult forecasts of GDP and inflation today?

There's no doubt that the efforts that the Prime Minister has put in place in Japan to really

arbonomics, as is called, to really stimulate the economy, move growth higher, and of course also move inflation higher, have just not already worked out at this point in time, and the markets have become very disappointed about that.

And in particular, there's been a lot of mixed signals from mixed signals I'm sorry from

...