The Failure of YCC Could Lead to Real Instabilities

YCC is an ongoing program that, you know, probably lasts a bit longer. If we get if they're in an experiment, there's going to be an unwinding of that experiment. You know, from our perspective, the key detriment to YCC was when it came to the market functioning of the Japanese government bond market. The good news here is that functioning in that market has improved. There's debonstably been an improvement there as they've tried to impute inflation into the mix. And if we have the combination of Chinese exported disinflation, should we be shocked by an Asian disinflationary tendency out the next 12 months? I don't think we should