alexander dryden from jpmorgan so with us.eone talking about a massive move in brent. 33 or something. in percent just terms, it probably is -- in percentage terms, it probably is. does brent had to stabilize a little bit? if that correlation started to break down a little bit -- i am a little perplexed. oilander: frankly lower driven by the oversupply rather than lack of demand is a good thing for the global consumer. it can do one of three things, you can i do save it come spend it or use it to pay down debt. all three of those are good things in the long run for the global economy did i don't think you need to news -- i don't think you need to use a canary in a coal mine. i think the lower oil prices good for the global economy. that relationship should again to break down after a bit of stability comes in under oil prices. jonathan: the market has levered -- the yenn the growth story. the commodity boom. that being the fundamentals of the market. to a huge extent in credit. you wonder if the market is the real thing that i

let's bring in our guest for the next hour or so, alexander dryden. a surprise move. om the boj. what they have actually done. only a certain portion of cash will get charged with the negative rates. alexander: i think what you saw overnight added to the confusion. there was a lot of news to digest. it was not quite as vanilla as a negative interest rate cut. the threshold added to some of the volatility. we are starting off down a path of negative interest rates. in japan, they have come a long way in terms of quantitative easing. the bank of japan has taken that as far as it could possibly go in the short run and now they have to reach for another interesting, unorthodox monetary policy. guy: they talked about the inflation target. this is more about the chart that jon showed us earlier. the chinese are exporting deflation. japan has, since the start of the year, then a recipient -- been a recipient of it. how much is balancing the books? alexander: part of it is a currency war that is starting to settle in and asia. it is also about trying to stimulate the domestic