♪ >> good morning oh, two "daybreak australia". >> counting down to it as major market opens. >> top stories at this hour. u.s. stocks and treasuries that are mixed digesters digesting

corporate earnings and the latest fed comments favor and continued rate hikes. >> fx pairing losses and extended trade-off to new subscriber numbers. >> goldman sachs fixed income trading revenue falling short, sending shares lower. we saw bank of america stock rise. take a look at how u.s. futures are coming online. not a lot of movement at the opening at the asia system. a lot of fluctuations still. we are digesting fed data, more hawkish comments coming from the fed. we have a 2-year yield rising above 4.1%. 10-year down below that. the lower end of the yield curve is falling. that discrepancy led the dollar to retrace some of the strength that we saw this week.

oil not doing much, not doing much in the asian session either. we are watching after hours trading. streaming giants and netflix under pressure, it did end the day higher, after a disappointing start of a another here, adding only 1.7 5 million customers. asia pacific the bright spot of their business. there are concerns about the company right now, we are seeing its peers under pressure as well. haidi: let's get analysis, i want to bring in the senior media analyst for bloomberg intelligence. what was your take away? >> for the first day, the numbers were a little disappointed. you take a deeper dive, what

stood out was they have improved free cash flow guidance. if you look at the freak cash field numbers, it's astounding, that sets him up for a fantastic year. they upped their forecast to $3.5 billion. this was a company that was losing $3.5 million in free cash flow a few years ago. then you look at other pieces of commentary, whether the paid sharing rollout, advertising initiatives, it suggests all of those are going as planned and bills to the longer-term narrative. haidi: when other plans to crack down on password sharing fee being delayed. what will that do to the business? >> they need to take a measured approach, they rolled it out in four markets in the first

quarter. they got initial learnings, we know that in canada, where they launched it, there was initial clash. things have settled down. they are using the things they learned from those launches to implement the broader rollout, the u.s.. they have an estimated 30 million households who are not paying. they have to execute really carefully. i think they will time it carefully two. they wanted to push it to this quarter when they have a big pieces of content coming on. all of those will help soften the blow a little bit. haidi: we are now seeing netflix executives speaking on a call with analysts, they are saying that price cuts are not material to business anytime soon. countries with price cuts contributed to 5% of sales. the bulk of their growth this quarter, where were the bright

spots? >> you are right, it's a of two regions when it comes to netflix. the story there is increasing outpour, but when it comes to subscriber growth, it has to be in the emergent economies. they slash prices up to 50% and what -- over 100 countries. it will take a while. they have done it at a time where there is a recessionary pressure, there are inflationary headwinds. it will take time to build, but we have seen in certain markets, where they have implemented price cuts, they have seen a huge uptick in revenue and subscribers. over time that strategy is the right one. it will benefit them over the long run. haidi: goldman sachs a traitor failed to capitalize on the

bonanza it generated last quarter. can tribbett into a firmwide revenue that fell short of estimates. ceo says the worst of the volatility is over. >> as we sit here today, it appears the worst of the volatility is behind us. it's impossible to predict the exact form market stress will take, and we won't always execute purposely, -- perfectly, have allowed us to navigate a complex environment while continuing to support our clients. haidi: more from su keenan. when it comes to fixed income, that stood out. >> volatility, we should point out, is often a good thing for trading as a drink when fell profits but not so for goldman. their fixed income training unit had a revenue decline of 17% with a 3.9 billion dollars in revenue. the estimate was for more than

4.2 million. j.p. morgan all had windfalls. they have become the only wall street bank to have posted a drop for their business, that explains why they are -- their stock dropped as well. at one point it was number 4%. goldman did have its third best quarter in terms of the past decade for the numbers. revenue not quite so bad. competitively it was a loss. equities trading beat, that helped soft and the blow. that's what you saw the stock if back or pair the losses. it unloaded a chunk of its $4 billion loan, the foray into consumer banking that they have -- backed off on. earnings were still down to a year ago. david solomon, the ceo, said the events of the first quarter acted as a real life stress

test, demonstrate the resilience of goldman sachs. underscoring that the latest earnings has been key for investors to learn how these big banks have been navigating the bank turmoil. shery: bank of america did well as well. annabelle: they hit it out of the ballpark. they are trading in a lot small. they delivered a windfall so large it actually covered the rising costs of the banks bad loans. revenue from fixed income currencies and commodity training unexpectedly rose most 30% to 3.4 billion dollars, highest in a decade. analysts were spending a slight loss. the business was firing on all cylinders. investment banking revenue came

in line. the banks traders beat estimates, revenue was up nine percent, equities posted 19% decline at $1.6 billion. that put a dent in the fixed income victories. this was a quarter that saw eight nomadic market swing, recession fears, all of that helps the bond ask. bank of america joined rivals in sending aside more reserves as a growing number of consumers could not keep up with their loan payments. the four biggest u.s. a rode off a combined $3.4 billion in bad consumer loans. that is a 73% increase from a year ago. solid quarter for b of a. shery: su keenan with the latest numbers. annabelle: you can see how a flat we are in the early moments of trading in new zealand, what

the set up is for equities. it tells us that investors are waiting on clarity and earnings, it's too soon in the season to understand the fraud or health of the u.s. economy. the regional bank earnings are key to watch in the coming days. we do have the vic's sitting at its lowest level since january last year. is that a sign of complacency in the markets? we have results of the latest banc of america survey, investors are the most underweight on stocks versus bonds since the days of the financial crisis. where are investors putting their money, one interesting alternative asset that has started regaining, bitcoin hit above 30,000 level, it has been sitting around that. one of the bacon gainers out of all the financial stresses we have seen. watching the focus on regional banks.

we know that the ecb in our latest survey set to hike by 25 basis points in may, june and july, and watching what is happening with bond yields at the front end of the curve. that is after we heard from the key fed officials. shery: let's delve into those comments. seeing one more rate hike to get inflation under control. our global economics and policy editor kathleen is here. adding to the chorus of fed officials coming wanting to rein in inflation further. kathleen: pushing back against the idea that as they continue to hike rates, we are going to see a recession, that is the risk they are taking on by doing that. raphael bostic is someone who has been a slightly hawkish when he calls for more rate hikes and

says that there is more work to be done and i am ready to do it. i think we have to believe him. what he is saying about one more hike, wall street is accepting it now. l street figures that in the may meeting, there is going to be a 25 aces point high, it will take the key rate up to 5%. the markets think that will be the last one. raphael bostic seems to open the door to a pause as well. in terms of playing down the recession was, he is saying the economy is performing strongly, acute bank tensions seems to be subsiding. he says the bankers are telling him there bankers aren't calling it now to take out their money. he seems confident this is the right thing to do. the president of the st. louis fed, is still pushing for more.

he said that he does not see a recession ahead. he says wall street is very engaged in the idea. this is a quote for him, convinced there is going to be a recession in six months or something, but that isn't really the way he would read an expansion like this. he goes on that it has to do with the strength of the labor market. he said, if we were going to have a crisis, our financial stress index would go up to four or five. he said it is not spiking, it is at zero. he is confident they can go to 5%, but that rate will get to 5.5% or more. we have a lot of information from that meeting and a couple of weeks, we will get the read from jay powell on the expectation is a group they are looking for.

for now we can see two voices who seem convinced at least one more rate hike. shery: kathleen hays. let's get over to a vonnie quinn. >> fox news has rate to settle a voting machine makers a defamation lawsuit over the 2020 presidential elections. dominion voting systems says a network agreed to pay $787 million, half of what it had claim. dominion accused fox of airing a bogus claims that had raked the election against donald trump eared fox argued its broadcasts were protected as free speech under the first amendment. treasury secretary janet yellen is set to deliver speech on economic relations with china. her remarks are scheduled on thursday and washington ahead of the planned trip to beijing. ties between the two countries have been frayed over taiwan, spying allegations, technology security, and russia's invasion

of ukraine. g-7 countries have vowed to support ukraine for as long as it takes in its fight against russian forces. it follows a meeting of top g7 double nasa japan who reiterated support for the plan. the ministers goal for greater engagement with china to stabilize relations and urged a peaceful resolution of taiwan related issues. french president emmanuel of seeking china's help to bring russia and ukraine to the negotiating table. bloomberg has learned to the macron struck at his foreign policy advisor to work with china's top diplomat to establish a framework for future negotiations. sources say the french president sees a talks happening as soon as midyear if all goes well. global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. haidi: still ahead, interview with the -- tells us about plans for a new factory to expand

production of its high-tech chipmaking film. breaking down netflix is earnings and forecasts as well as their wider market outlook. this is bloomberg. ♪

>> nothing shares after the company's outlook for the second quarter fell short of expectations. this is what we are seeing, after we have seen volatility retreating as well on the back of those numbers. questions as to the pathway for the future growth after revenue forecasts lagging estimates. they see a second half being stronger on that crackdown when it comes to password sharing. a lot of uncertainty when it comes to that one. we saw a decline of 10% in post-market trading.

our next guest says she remains positive on netflix shares based -- despite the result today. marianne joins us from minnesota. always great to have you with us. from what we have learned today, what do you like about this release and why do you think the pathway to growth is more positive than perhaps with the broader markets are seeing right now? >> the first thing i would point to is free cash flow. management had a prior guidance of $3 billion this year and they raised it to $3.5 billion. excellent outlook, even after we are pushing things into the second half of the year. another thing i would point to is the operating margin of 21%. it overshadows the numbers, or i should say the uncertainty about

what were subscription supposed to look like. it was a truly wide range, you could say, they beat expectations or failed to live up to expectations. but of the range was so wide you could drive a truck through it. you just have to .2 things that are under control. and as the factor they are going to continue to push people to subscribe rather than the sharing of passwords. and to subscribe with an absence of ads. you could go with ads or without. most will play -- pay the higher price and go without ads. haidi: netflix keep saying stop fixating on subscriber growth, this chart showing that first quarter growth came in fly. how does that reflect the pullback in the consumer, the

cost of living conditions at the moment, and do you see recovery? are you not looking at this metric as much as sales and profit? >> i to be more interested in profitability. the factor that we are in a year where we are comparing covid impact in different parts of the world. we need to stop focusing on the subscription growth and focus on free cash flow growth. haidi: how important will it be for businesses and subsequent earnings going forward as we are expecting an economic slowdown in the u.s.. to be exposed to those markets that are expected to grow the rest of the year, netflix is cash netflix's rights but with asia. >> people being sticky about

holding onto these subscriptions, we were talking about a modest amount per month, $10 or so, $15 at the max. it's a very sticky business. i am thinking things like coffee, maybe a tobacco, these are things that people are loath to release in tough times. it's a luxury. shery: especially when it comes to chinese consumer spending more in luxury goods. what are you seeing in terms of valuations that could help in boosting those names? >> we have about 20% upside to this company stock. we've got a price target in the 390-4 hundred range, versus the 330 currently priced at. we think that people will become

more comfortable as time goes on. look at the performance today in the aftermarket, i know it is like trading here. but it is flat on what people are calling disappointments. revenues came in slightly under earnings per share were on target, the subscriptions had a huge range, i don't know how many people are calling it a beat or a disappoint. shery: you can get around above all of the stories that you need to know in today's edition of daybreak, terminal subscribers, go to dayb go. this is bloomberg. ♪ the first time you made a sale online with godaddy was also the first time you heard of a town named dinosaur, colorado. we just got an order from dinosaur, colorado.

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>> a quick check of the latest isn't flash headlines. apple is racing to build a range of software and services for its upcoming mixed reality headset. it is seeking to win over and -- consumers with apps. sources say the offerings will include gaming, gaming and fitness. it is set to debut in june. building an additional factoring base overseas. to accelerate production of his signature chipmaking film. the japanese country is that students a -- tips to circuit boards. >> our business scheme allows us to manufacture and meet the needs of our customers without a large investment. it will cost about ¥25 million

but the idea is to make an investment that can firmly meet demand for high-performance semiconductors. we will keep up with the evolution of that technology. taking a look at the day ahead for australia, we have the march reading of the index to out in a few hours. the shutdown of the michigan -- in the hunter value begins on wednesday. the memorable moment for us really is energy transition. come and change in any stream minister releasing the national a client -- electric vehicle. the adb's chief economist tells us why china's reopening is training the outlook for asia and the emerging challenges that could halt -- hold the region back. this is bloomberg. ♪

>> fox news has agreed to settle a voting machine makers a defamation a lawsuit over the 2020 presidential elections, for more let's bring in our legal reporter eric larson, at the courthouse in wilmington, delaware, where the settlement was reached. this is $700 million, how enlightened is the amount with expectation? >> that is quite a bit higher

than most were expecting. bloomberg intelligence analyst believed it would be around half of a billion dollars. the lawsuit was for $1.6 billion, in damages, this is a large chunk of that. it came as a surprise when domains lawyers announced it at a press conference. it's a good outcome for dominion. >> what about the timing in terms of when they waited to settle? >> that was a bit of a surprise, a lot of people thought, why did this case settle weeks or months ago? given that so much damaging information about fox news, including rupert murdoch, came out during this case. internal text messages, emails, showing that people at fox did

not believe the conspiracy theater about a voting machine company regain an election against donald trump. they didn't believe it, and they continue to air the claims over and over for weeks. all of this information came out weeks, months ago. maybe that would have been a better time to settle. it does prevent report murdoch from having to take the stand. he was expected to be one of the first witnesses in this trial as it was starting. that could have been potentially very damaging for murdoch and for fox. having to be grilled on the stand for hours about what was going on at fox during the 2020 election coverage. maybe that played into it at the last moment in terms of deciding to pay out a large sum to --. >> how much has this set

president for what facts can and cannot take live on air? >> this is a wake-up call not just to fox about any news organization about how they might cover conspiracy theories that might pop up during elections. we know that former president trump is running again in 2024, he continues to claim falsely that in 2020 -- it was raked and stolen. this is still part of his platform, millions of americans still believe it. you can envision how similar types of conspiracy theories could pop up in 2024, dominion voting systems machines are still used across the country. it's a divisive issue. this settlement does not this issue completely. but it is going to make a network like fox and others think twice about giving a

microphone to trump or his allies coming onto claimant everything is being rigged against him. that claim had consequences for a company, dominion voting. threats against employees, risks to its future business. there have been consequences here. dominions lead lawyer said outside court that allies have consequences. there will be a shift in how conspiracy theories like this are covered going forward. >> erika larson, with the latest. let's get you to the first news with vonnie quinn. >> nato says it wants to strike a deal with china over rules outlining the responsible use of ai. the chief says they don't regard china as an adversary but it

poses some challenges to nato values and security. you can't more important to engage with aging. sec chair says the agency wants to conduct investigations into the crypto sector but it doesn't have enough staff. beginning in congress, he described the industry as having been built up around noncompliance with existing rules. republicans have criticized him and his aggressive stance on crypto, particularly his calls for having people register with the agency. >> we could certainly meet use more resources. it's a definitely -- there are more things to look at and investigate then we have people. >> damon diamine is facing a two

day deposition about jeffrey epstein. the u.s. virgin islands are suing him over his ties to epstein who was a client of the bank. j.p. morgan says the plaintiffs note diamond has no irrelevant knowledge, accusing them of pursuing the deposition for media deposition. new york has topped the list of the world's wealthiest cities. the list, compiled by investment migration fund has the u.s. leading other countries with 10 of the 15 riches cities in the world. new york was followed by tokyo, the bay area, london and singapore. global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. shery: the chinese consumer has been growing back post-pandemic. helping gdp growth beat estimates in the world number two economy. the asia bank expects traders

recovery with healthy demand in india to be the countries main growth engine. albert park joins us now. we have been talking about the reopening of china for a while there'd we were disappointed after the look -- lunar new year. how much dimension is there in china's recovery story? albert: the growth figures for the first quarter came out, 4.5% ahead of expectations, the forecast is that china will grow at 5% and we think there could be an upside risk to that projection if the chinese consumer comes back. we have some concerns about elevated unemployment rates and migrants coming back to the cities, and comes and consumers getting confidence. we are seeing the service sector recover in a robust way as chinese citizens travel

internally. we see the contact intensive sectors like hospitality and transport picking up. we haven't seen that as much in manufacturing and other sectors. the property market is a concern. the chinese tourists should help other economies in asia recover as well. shery: you mentioned jobs and that stood out to me. we were talking about youth unemployment nearing 20%. when will this become a real issue for china, is it already? albert: in its history, whenever china goes through the business cycle, there is often challenges in employing all of the youth in the labor market, we are seeing that this time. if the economy continues to recover it will create opportunities. eventually it will absorb the workers into the labor force. i don't think it's a long-term structural problem for the economy. shery: there is still weakness

in property, industrial production, investments continue to languish, is there a risk that the revenge consumption factor is flattering the headline number? is it reliable if you are looking at a longer-term -- a linear look at the demand come back? albert: we will have to wait and see. one thing that was encouraging last week of the export numbers for march came out and were really positive. 15% year on year growth, where most expected negative growth in march. that is encouraging, a lot of experts were going to other economies in the region. that's encouraging, we know that some of the other economies in southeast asia, indonesia, philippines, are growing well this year. they are also creating demand. haidi: is a china still the anchor story when it comes to

emerging asia and emerging markets? are they better positioned in this instance then previous ones? albert: external demand is an issue with a very slow growth in the u.s. and europe. that's a drag on chinese recovery. a lot of it will have to come from the renewed confidence of the chinese consumer. if they feel there is uncertainty, they may continue to save and not spend as much. if they feel things are opening up and incomes, unemployment is responding, we should see them respond. that should support development in a markets as well. shery: we are seeing india's publishing overtaking china's right? how big of a structural deal is this when it comes to world global demand. we were talking about china being the consumer of the world, does india take its place and when? albert: india's projected to grow at a very robust clip.

6.4% this year, 6.7 percent next year. it would have been even higher if they hadn't had to deal with inflation issues, which has also slow down the indian consumer somewhat. that's a secondary to the broad recovery from the pandemic that we are seeing. healthy domestic demand, investment with a growth oriented government leadership stance, we are optimistic. india is a young country, it is benefiting from a demographic dividend am aware as chinese -- china is an asian country. the asian publishing is a headwind. we don't expect china to recovery -- recover to that growth rate we were so familiar with earlier. there are a lot of challenges to maintaining rot growth in china. for had a slowdown there. in india it looks like in upside. india is contributing a quarter

of the regional growth this year and into the future. that share will probably increase over time. china is such a big part of gdp in asia that no matter what their growth rate is, as long as it is similar to what we are projecting this year and next, it will be important to the region and global growth. shery: we have seen a financial conditions tightening across the world. on top of that, thanking turmoil in the u.s. and europe as well. how vulnerable is developing asia? albert: that's the main risk, on the financial side, there is concern that the fed could take an aggressive stance to tame inflation. inflation is slowing but the target inflation of 2% will still take a lot more work. that puts pressure on countries in the region in asia.

the banking turmoil, a lot of people feel that although the fed and the european bank have done a good job to inject liquidity and alleviate concerns that this will be contagious to the the banking system, there is underlying challenges that were revealed by the banking turmoil. we are not sure it has worked itself through. if that continues to be an issue, it will reduce credit, credit will become tighter, globally and the u.s. a banking system, also elsewhere. that will create a for asia. so far it looks like the investors are confident in the banking sector in asia. if you look at what happened to the stock markets in march in the making sectors in the u.s., we saw a 19% fall, in europe we saw an 11% fall, and asia we saw a 3% fall. which suggests that most investors have confidence in

asian banking systems. they tend to be well-capitalized. if there is no direct contagion, and no global turmoil, they should be fine. shery: it was good to see you in person, great you could stop by. chief economist albert park. we will look at apple's plans to win over customers with its upcoming mixed reality headset, despite its cost at around $3000. this is bloomberg. ♪

thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh

haidi: apple is racing to build a range of the software and services versus upcoming mixed reality headset. to win customers over to a product that is excited to have a hefty price tag. bloomberg technology reporter joins us right now. is this trying to back it up so that it becomes a clear sell? >> these for having me. the apple headset will be jampacked with features. apple wants to let consumers a figure out what this headset is going to be useful for. they don't have tried and true use cases. there is communication, collaboration, fitness stuff. they are throwing the kitchen sink at it. we detailed some of the features

coming today, it will be able to run ipad apps, it will do workouts and vr. the most important component will be the app store. ringing a third party developers into the platform and allowing them to a right apps for a mixed reality interface. haidi: no conscience and when it comes to a strategy similar to chatgpt? mark: in terms of chatgpt it doesn't appear apple is looking to compete. apple appears to be applying its artificial intelligence resources towards real-world applications like this headset. a lot of the features is being able to scan the room you're in, to produce the graphics on there. there is a lot of ai that goes into that. they believe that chatgpt is nothing more than a chat bot. the apple self driving car that will be introduced later this decade, that is of the mother of all ai projects. that's a fully ai platform to

get the car to know where it is an drive on its own. that's the type of ai apple is pushing towards. will they releasing predator to chatgpt? probably not. will they enhance siri? i think they will get there but it is not immanence. shery: let's stay with tech for morning calls and discuss the outlook for semiconductors. annabella joins us from hong kong. what stands out to you. annabelle: what is interesting is that we have seen another analyst turning bullish on nvidia, that means there is not a single strategist with a sell rating on the stock. hsbc was the last man standing by the change their tune. we saw again in the video, a 4%. let's talk about why hsbc made this change to the rating.

the company is now joining the chorus that is saying nvidia is one of the best placed companies out there to benefit from the hype surrounding artificial intelligence. hsbc says that ai opportunity offsets any concerns they had elsewhere around inventory, buildup, or a slowdown in data centers. taking a look at the performance that we have seen for nvidia this year, versus the s&p 500, which is the line in yellow. and the nasdaq, you can see the app performance there, a jump of 104 to percent from the low back in october. this is the company that dominates the market for graphics chips, the ones that are needed to power ai technology. haidi: what about optimism when it comes to tsmc? annabelle: this is another

company that we are seeing more analysts upgrading their forecast, 39 of 40 now have a buy rating or equivalent. that means we are now at the most optimistic level for ratings on tsmc in more than 20 years. among those that are turning bullish is aberdeen, what is driving that is if you change now, we are closer to the down cycle for the industry. they are looking at the longer structural growth drivers. they remain intact for the company as high demand for things like computing power for ai technology. they are saying that actually the picture for this company is looking stronger. when you think about the performance we have seen so far this year, stock was about 18%, it is below the broader benchmark. when you take a look on a five-year average basis, the

multiples of projected earnings still making the stock look fairly cheap. shery: you can get more the stories on bloomberg radio. more analysis of firm today's big newsmakers as well. this is bloomberg. ♪

>> japanese company ajinomoto says it may build a additional manufacturing factory to make more of its chip making a film. we spoke to the ceo. >> there are two divisions, the

food business, and the amino science a business. in fiscal 2021, two thirds of the profits was generated from food. one third from amino acids. in fiscal 2030, our expanding food section, we want the amino acids division to grow. in order to have the profit for each division to be balanced and distributed equally. i want to make this company one that is neither just a food company nor an amino acid company. shery: as part of the material for supporting data centers, you are a be a film is going to be used. how would you like to take it as a business chance and go move forward? >> we believe the high-performance computing including chatgpt will grow significantly over the medium to long-term. to that end, our ajinomoto film

has high market share that has been certified as the defective standard. our business scheme allows us to manufacture and meet needs of our customers without large investments. it will cost about ¥25 billion, question the idea is to make an investment that could firmly meet demand for high-performance semiconductors. we will keep up with the evolution of that technology. >> western you announced a $7 billion yen investments into the business. you increase that to ¥25 billion earlier this year. how fast do you think that the needs will catch up with your investment and whether you think you will show investment in this field? >> we have build good relationships with customers using high performance semiconductors. there was a time when we concentrated on one fairly large company. but now we are widely used by a

variety of customers, including high-performance chipmakers. abf is used less than 25%. compared to 45% back in 20 to them team. that's because high-performance areas including server, davis centers and chatgpt are growing significantly and that is beneficial to us. we will work closely with these companies that excel in high-performance computing. we have relationships with various customers, not only in japan, but also in silicon valley. we have a high-speed development system that our customers, and i believe that is one of our strengths. >> ajinomoto has been in china since 1919, it has been a long history in the market. recent retention of an asset pharmaceutical company has made a splash in japan's business community. what is your take about this incident and what is your

company's stance to approach the market? >> i believe the chinese market will continue to increase substantially in the future. after the pandemic, chinese inbound tourists are growing, eating meals and enjoying japanese culture. want them to think, oh, i really want to buy these japanese products in my country. if we can respond to such demand, through exports or e-commerce, we can think of japan and east asia as a single field. i think it's important for us to create a system that allows us to respond appropriately to those chinese customers. ♪

i screwed up. -mhm. i got us t-mobile home internet. ah! now cell phone users have priority over us. and your marriage survived that? you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze-- ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! -woo! i want to hear you say it out loud. well, i could switch us to xfinity. those smiles. that's why i do what i do. that and the paycheck.

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shery: