katie: joining matt brill of invesco and will smith of alliancebernstein. you focus on high-yield.et's start with the moment we are finally starting to see when it comes to spreads. where back to one 50 basis points on investment grade. for a closing in 500 basis points in high yield specifically. do you think there's more to go when it comes to this whitening? will: we do think there are risk that sprays could continue to widen. we are in this period now, a transition period, of moving from inflation concerns to recession concerns. there is a chance that banking volatility or some other aspect of the economy slowing causes spreads to go wider. overall review sprays as relatively attractive at these levels. we think things are somewhat balance here. the risk that sprays are probably to the upside. katie: sounds like you're saying entry points are being created here? will: that is fair. if you are longer-term investor it is been pretty rare the last decades to buy high-yields at these levels and investing grade. spreads could be volatile. we think they will be volatile as we deal wi

let's bring in haruna usui from alliancebernstein japan.behind when it comes to esg. do some of these initiatives go anywhere near to being enough when it comes to what international investors are looking for? haruna: thank you for having me. that is very much right that japan incorporates esg has been somewhat ok with e. we have a couple of leaders in japanese companies. if you look at social or governance areas, those are somehow quite behind as japanese corporate's do let go of the gender diversity on the social front as well as on g, the lack of efficient oversight or the very inefficient management such as cross chair holdings. we are pretty excited to see that policies uphold in japan is pushing to improve these behind s and g in japan so that the japan's companies are finally ahead to improve these areas. heidi: women did not really achieve the goal of returning to the workforce. when you look at the upper echelons, that is where the pay gap as well as representation comes into play. do you see enough progress being made? haruna: so