mr. kuroda changed the news flow.uy: this appears to come from a bbc interview that was pretty recorded. it was not done today. this is something that was a pretty recorded program. no helicopter money. you see the asset prices react. we have seen big moves over the last few days. you wonder how that will change the q&a with mr. draghi. right now, our first word news. taylor: in cleveland, donald trump will except the republican nomination for president, one day after ted cruz was booed off the stage at the convention. the texas senator ended his speech without specifically endorsing trump. we will unite the party, unite the country, by standing together for shared values. standing for liberty. god bless each and every one of you. god bless the united states of america. is widely expected to run for president in 2020. president air to o -- imposed aerdogan state of emergency, saying the government will use its added interest the of democracy. in kuala lumpur, investigators searching for the malaysian jetliner. more th

mr. kuroda said that in his later comments.ments about helicopter money and the idea that they were made back in june to the bbc when people assumed they meetingt the bernanke and japan. many saying he still feels the same way. tell us where lombard oda -- odier is positive. think our views, we are quite positive on emerging markets. we see value, there's differentiation. on currencies, i think japanese yen will come under pressure because this is an overreaction and there will be more stimulus coming through. those are different views we have across-the-board, more and more central banks will remain easy and central banks are likely to remain low. >> which emerging markets? >> emerging markets, we are very positive on india and russia. onmoved to our top pick and the negative side we are still negative on brazil. we remain negative on turkey after these developments. >> it is certainly true that it seems like we are in a very risky environment at the moment great let's take a look at the bloomberg again, we're here we can see

mr. kuroda over at the bank of japan saying there is no need and no possibility for helicopter money.is the great debate in japan. this is dollar-in. you can see that we are seeing this virtual drop. it is ratcheting a little bit 1% onenow rallying by dollar-yen in the session so far. ins has been a huge argument japan as to what happens next. are you going to get a ¥10 trillion worth of stimulus? that is a great debate. there's another debate, the european central bank and what happens next. caroline hyde is standing by with a guest. caroline: i'm standing by with christoph rieger, head of raising credit for commerzbank. give us a sense of what you are expecting from the ecb and draghi today. will there be a hint of more stimulus to come? christoph: this meaning is not so much about adding monetary stimulus, but about details on the qe program. tweaks can have major implications on the markets. you get a bit of a taste of this a couple weeks ago. that caused a huge reaction in italian futures as well as german bond futures. caroline: this is about making it wider eligibility? at the

mr. kuroda speaks today and tomorrow president obama travels to poland to attend the 2016 nato summit andith the president of the european council and european commission. its focus on the fx, the unregistered the biggest gain against the u.s. dollar among 15 other currencies. let me bring you over to my chart. when you look at what yen has been doing, it is close to 100 and you say this is driven by what we are seeing an dollar. what is the endgame? if it goes below 100 does that mean kuroda has to intervene? steven: i think it is a difficult situation because we know that yen is the ultimate safe haven in times of stress. the yen has bid up. the point i would highlight is that move, reticular lay this year if you look at your chart from january above 120 two this level, is very consistent. the latest moves this week as well with the fall in u.s. yields so it is the market readjusting its view on the fed and it is highly correlated with the 10 year yield. tom has been talking about the new low in the 10 year yield, very much matched i this move in dollar-yen. it is very hard for the japa

mr. kuroda, mr. draghi, mr. carney, it is linked together for a lack of degrees of freedom. we are running out of a good choice set of things to do. do you get the feeling they have just run out of ideas? geoffrey: a central bank will never admit they have run out of ideas, but from japan's point of view i think it is very acute egos they are several decades into this experiment and still because they are several decades into this experiment and still struggling. they need to push back against this notion that they have run out of ideas. tom: how do they do that? is it in speeches as we go through the summer? again, like the fed is that a different part of the cycle so i think they can afford to be -- with their rhetoric. on japan's side, i think it is much more important so that is why the governor has called away his previous comments about helicopter money. caseine: what is the best scenario for janet yellen? geoffrey: i think the stress, data is doing well, a goldilocks environment. do not cast any doubt about ,trength in the u.s. department but the stress in the interna

mr. kuroda play down the policy review. the are the expectations of market and what did he layout in the press conference? jodi: well, he had interesting things to say. he denies that the bank of japan is at the end of the policy limits at what they can do with policy. he also said that he wasn't pushed into doing things by the government. two daysovernment, ago, laid out a plan for a stimulus program. an interesting announcement coming two days before this meeting. so there is a lot of expectation that has been laid out. saying that they can do things and they will continue to ease as needed with the economy being so far from the inflation target. so there is already a lot of expectation. unusual, iteview is has not been mentioned before. we will see what it means. but that is a new wrinkle in all of this. alix: exactly. jodi schneider, thank you. so the end of september. and in between, you hope you find out what the policy looks like. from: a continuing mystery japan. jonathan: joining us now is steven englander. this is

mr. kuroda and mr. abbe. there was talk of possible fifty-year bonds being issued.ght this be a way of funding fiscal stimulus? kit: i think they are looking forward, and it will be much easier for the japanese to fund the debt if what they are getting is increased bond her kisses from the bank of japan. if they can term out on the issue even more longer dated bonds for the bank of devonte -- where youpan, that is have monetary policy and fiscal policy working more in harmony. i'm going to find it much easier to be optimistic that that will weaken the yen than i going to be optimistic about what it will do in the long run for the economy. certainly you need monetary and fiscal policy to work together for any chance of getting the japanese economy on a better track. jonathan: the boj as part of the g3. fed we was the ecb or would have jim bullard on a program like this talking about what the fed may or may not do. the guidance from the boj is confusing and i wonder if they actually care. againave shown again and that they are not really borrowed by what is expected,

mr. kuroda. weak yen -- a strong yen today and i'm looking forward to the decision.n. a quick check on markets. tame.l, pretty the nasdaq is the highest of them all thanks to facebook. 29 points. the ftse flat in today's session. you are looking at a stronger anchor japan meeting and yields on the 10 year are 1.5, that was a rally. this is bloomberg. ♪ >> it is through thought the london and 10:00 p.m. in hong kong. from new york, i'm vonnie quinn. london, i markve in barton. -- i'm mark barton. ons is "bloomberg markets," bloomberg television. ♪ vonnie: we want to take you from new york to london to san francisco and the next hour. into the trading day in new york and u.s. stocks are fluctuating with a flood of earnings reports. little to clarify the strength of the economy. in europe, stocks dropped from a one-month high. democratic national convention in philadelphia, president obama makes his most or so case to hillary clinton's presidential bid. we are offering a blistering critique of her opponent, donald trump. vonnie: facebook shares are rising as the company

mr. 's desk. the upper house elections were a complicating factor. one of the arguments was governor kurodand up doing more. does have greater political clout to pursue structural reform, that will mean the boj feels better about doing everything it can in terms of monetary policy rather than as the g-20 said monetary policy cannot alone lead to balanced growth. rishaad: we have also got the federal reserve. what message will they send out in your view? bit more little upbeat, we think. certainly you would expect some reference to the u.k. referendum. the last meeting was just ahead of the brexit vote. presumably they were expecting a remain vote, but it was caution that even the hawks backed off on, calling for a rate hike. the u.s. stock market at a record high, you would think that is making them feel that the brexit will not have any great impact on the u.s. economy and not a reason to keep postponing, some more optimistic on the outlook, but not explicitly flagging a hike as soon as september in our view. word and ont last that subject, looking at the foreign exchange space, a month si

kuroda is like denial, denial, and then some form of helicopter money. he needs something quite substantial to shift gears. richard: i think it will be conjunction with mroverwhelming of economists expecting an additional qe, more etf purchases, perhaps a cutting rates. i think you're right to highlight the fact that helicopter money by some of the name is what investors are looking at. manus: there's brexit, the probability of a hike drop. our guest this morning on countdown saying you need work to be at 80%. will this shift to get it up to 80%. richard: i think is too soon after brexit for them to really ramp it up. i think i would be interested to see what their take is on brexit could what we have served that's what we have heard is it it -- what we have heard is it is to soon. ♪ caroline: manus, thank you very much indeed stay with bloomberg television. up next, it is "the pulse." digging much more into the week ahead. the fed and the boj all up. francine: the g-20 takes on the global ambition backlash. trump and terror, how much will politics play on the boj and fed decisions? controversy ahead of the convention. the today as the head of the commi

kuroda and yen. to be have strong yen through 100 or can we actually get back in the vicinity of where mr.? david: we were before the vote in the u.k. thinking dollar yen could go to about 1.15 or so and and we areracted in going for 95 now. the reason is they will not be doing helicopter money, and they have been much more cautious in their approach. now we talk about fiscal policy. i think over time, the yen will strengthen. tom: this is extraordinary. what does it do to japanese stocks? if flied out crushes their export business, right? brian: yes. tom: are you over the japanese -- are not. with think that opportunities exist. mention europe. brian: europe will be a challenge. some of the companies will benefit from a weaker currency, but europe will be challenged by growth inf weaker the u.k. and when the european union loses its second-largest economy, it is hard to imagine economic activity that being there. you will have to focus on companies in europe generating the revenue and the emerging economies or the united states, where growth will likely look better than it does in the con

mr. this was released today, not recorded today. but what does this mean taking helicopter money off of the table? >> good morning, alix. it is a statement from governor kurodahe is selling is the helicopters will stay i on the launchpad for now. helicopter launch a without changing the rules, but at the same time, it does not take pressure off so when the number unto meetings they spread it, even if they are not going to do helicopter money, there is an expectation they have to take steps to mitigate falling exports, the weak economy. governor kuroda, back to generate, he ruled out negative rates only to surprise us later. say that the boj will not press further into unconventional territory as the months go by? the feeling that everything is still on the table. alix: to your point, we saw an immediate yen strengthening, but we had nowhere near recapped the losses we saw earlier in the week so the market could still expect that stimulus. >> you are right. there is pressure on the boj. they could buy more bonds. let's not forget that prime minister abbÉ is coming around the corner with a bazooka as well. maybe another big push by the government, so we are he