for more, let's turn to our ,uest today, ashok shah director at london and capital. thanks for joining us. i want to start with the yen. highest level against the dollar since october 2014. what can stop the rise? ashok: it is difficult to see what happens. the market expectations were for a small move from bank of japan. you have trading on a dictation of that. failure for bank of japan to come up with any extra measure means that people are wrongfooted in terms of shorting the yen. in the short-term, you've got the closings of the positions. you have one-way traffic in terms of the trades. that cascades into the equity market, because the japanese equity markets are very sensitive. that you have a he there impact in t is a rise in the yen. what you get is increased volatility and that creates another risk off almost situation in the japanese assets right now. at the same time, if you look at what has happened, the yields continue to come back a little bit further down. you are talking about around 3.4%. factis also driven by the that the economy is probably slowing

let's bring back in ashok shah. political instability goes on and on. much is keeping you from not investing in the m right now? ashok: more importantly, there is the fact that we have seen a corporate earnings down cycle that has not stabilize yet. we have a situation where, in a way, because of the cycle and a large number of the economies in the emerging economies, we are waiting for the stabilization before it becomes unstable. then?olitics comes third, >> yes, but it is important in the sense that where it is stable, it is easier to invest. to understand when considering the nymex of the russian market. -- the dynamics of the russian market. is a question of how big a discount that one person can put on the political market because of the political uncertainty. also, markets like of africa have political uncertainty rising. and something very similar is happening in brazil right now with the political uncertainty. you have a much bigger discount and those countries. where you have political stability, then that premium tends to be, in a way, going d