bank of japan, resisting fresh measures to calm market volatility. we'll get into that when we come back. plus, the darlings of the fashion world were out in force. chanel opened the doors to the new flagship here in london. we'll hear from the architect behind the boutique and what he told us about his vision. >> a series of luxury condominiums on the move. first of all, space travel and i like sort of exotic combined with luxury and making people's lives better. so that's where i would go. >> the sky isn't the limit? >> absolutely not. no limits. do i look like i have limits? we went out and asked people a simple question: how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed: the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪ otherworldly things. but there are some things i

bank of japan governor says he is still optimistic about the market despite the nikkei's steep fall. >> translator: the real economy is recovering steadily. i think the market will gradually calm down reflecting the economy's positive performance. >> kuroda made the comment to reporters after meeting with prime minister abe. he told the mistet the b.o.j.'s firmly committed to supporting the japanese economy with easing money. we asked ceo of a capital management company for his analysis of the nose dive in the tokyo stock market. >> i think there are a couple of reasons combined by today's fall affecting market price. one is obviously the strong yen which the market didn't expect to happen today. the other reason is the disappointment towards mr. abe's growth strategy. i think people accepted more of the very positive and quick growth policy which will stimulate the japanese economy positively, but mr. abe's cabinet said so many things. but obviously these things are very important. but we are not quite sure when it's going to work to the japanese economy. the third reason is the dec

we rewound the impetus where the bank of japan started its measures. where is there any fresh impetus to put the trade back on? >> well, i think that a lot of the correction has to do with frankly inflated expectations about particularly the structural form part of the economics agenda. i think a lot of investors particularly offshore were anticipating, you know, abe to deliver quite a lot of impactful immediate reforms. countries in europe and united states elsewhere structure reforms don't happen overnight. there were some disappointments related to items like absence of a corporate tax cut in the package that, you know, went missing and people were quite disappointed but at the end of the day this is only phase one, prime minister abe has come out and said we're going to deal with tax reforms come the autumn. there's obviously a very critical election for the upper house coming up july 21st. you're view is after july 21st elections we'll see more visible progress on these structural reform agenda and the disappointment surrounding the bank of japan,

we have the changing of the leadership at the bank of japan. then coroda unveiled uber policies, they cheered and pumped money into the equity markets. now, a lot of the excitement is gone gone. there is a sense of the party overhang, the critical puzzle is they came out with the 30 arrow, growth measures, ultimately, a sense of reality check of how long it's going to take japan to

how do you view the bank of japan's efforts? do you still support bank of japan policy? he other question, how much do you pay attention to the spillover effect to international markets when you consider exit strategy? >> i think the volatility is mostly linked to the bank of japan's efforts. which seems logical, since in earlier episodes when the fed was doing asset purchases and the doj was not doing anything, there was no volatility. it seems logical that the change here is the change in boj olicy. the boj is fighting against entrenched deflation. deflation has been a problem in apan for many years. expectations, public expectations are for continuing deflation. it takes aggressive policies to break those expectations and get inflation up to the 2% that the bank of japan has set. that's why it is difficult. they have had to be very aggressive. that aggressiveness in the early stages of this process where investors are still learning about the d.o.j.'s reaction function 789 it is not all that surprising that there is volatility. also the j.g.b. markets are less liquid.

the bank of japan not doing much. that really turned the eyes back on the u.s. right now the dow is down one tenth of 1%. down 24%. we are seeing the blue chip split between the winners and the losers. disney shares on the rise after their price target was raised. lori: interesting. that was turn around for a while. thank you. >> the price of oil is sliding for a second straight day. phil flynn from price futures group is in the pits of the cme. we have members of opec raising production. are they worried about losing some money? >> absolutely. they are worried about losing market share. it is a battle for market share in a world of oversupply. that is not easy to find. especially when we are lowering demand expectations all over the globe. demand for oil will be weaker pick the good news is they are looking for a major drop in gasoline prices. maybe 15-$0.18. the other thing that is taking the entire complex is stimulus. that has been the riding factor for the oil market. and that of disappointment with japan and these numbers. >> we will take a drop in gas pric

so how do you the bank of japan's efforts? do you still support the bank of japan policy? another question, how much do you pay attention to the international market when you consider the strategy? >> well, i think the volatility is mostly linked to the bank of japan's efforts. it would seem logical sense in earlier episodes when the fed was doing asset purchases and the doj was not doing anything, there was no volatility. so sort of seems logical that the change here is the change and doj policy. doj is fighting against a very difficult entranced deflation. of course, deflationary has been the problem with japan for many, many years, which means that expectations are very much to the public expectations are for continuing deflationary and therefore it takes very aggressive policies to break those expectations and to get inflation up to the 2% target that the bank of japan has said. that is why it's difficult. have had to be very aggressive. that aggressiveness in the early stages of this process where investors are still learning about the deal is a reaction function. it i

so how do you view the bank of japan's efforts? do you still support bank of japan policy? and another question is how much do you pay attention to the effect to the international market when you consider exit strategy? >> well, i think the volatility is mostly linked to the bank of japan's efforts, and that would seem logical since an earlier episodes, when the fed was doing asset purchases and the boj was not doing anything, there was no volatility. so sort of seems logical that the change here is the change in boj policy. the boj is fighting against a very difficult entrenched deflation. of course, deflation has been a problem in japan for many, many years, which means that expectations are very much -- the public's expectations are for continuing deflation, and, therefore, takes very aggressive policies to break those expectations and to get inflation up to the 2% target that the bank of japan has set. so that's why it's difficult. they've had to be very aggressive. that aggressiveness in the early stages of this process where investors are still learning about the boj'

they gave predictions for the bank of japan's quarterly survey to be released next monday. the measure of business sentiment ranges from minus 4 to plus 5 points, up from the minus eight points of the previous report in march. now six of the ten institutes predicted a great improvement with major makers with the forecast on mitsubishi research institute. a wide range including autos and electric machinery makers. the up turn is thanks to the weaker yen. it's amazingly the u.s. the forecast for small and medium sized manufacturers showed a smaller uplift. they had minus 17 points to minus 12 points. that's an improvement over 19 points of the previous report that marked a fifth consecutive decline. sentiment among the smaller businesses will likely snow a slight and dpradual improvement and that's because many of the companies depended on fuel and the weaker yen is sending their costs higher. more in business for you in the next hour. here's a check on the markets. . >>> australia's attorney general is preparing to make the case for outlawing ja upon these whaling in the anta

is rightly questioning the effectiveness of the bank of japan. not the willingness, but the effectiveness. doing so for a number of reasons. first, we're yet to hear about the structural reforms. remember, central bank liquidity is a bridge. you need the destination. that's about structural reform and growth. second, japan is trying to do a lot and can only do that through capturing the -- from other countries. finally the initial conditions are the worst possible. >> all right. that was el-erian's view. joining us in nick saunders. we've been questioning the efficacy of japan's experiment, or is this more about fears about the fed? >> it's a combination of the two. i think the issue with japan is that the initial rally in the nikkei and the selloff in the yen has been basically led by investors, not by the fundamental underlying as you just said by the other countries and by the locals actually investing in the longer term. the short term trades made a lot of money in it. >> front run story. >> yeah. >> there are suggestions, latest pmis in japan

we have the changing of the leadership at the bank of japan. uber policies, they cheered and pumped money into the equity markets. now, a lot of the excitement is gone gone. there is a sense of the party overhang, the critical puzzle is they came out with the 30 arrow, growth measures, ultimately, a sense of reality check of how long it's going to take japan to get out of its years of deflation. so now it's a chicken and egg game if you will in light of the fact that the next big event isn't until late july. is an upper house elections. so whether this market continues to get back up is a concern. the traders say the nikkei and yen as one sells off, the other will sell off as well. so we will enter into a vicious cycle. it gives cheerleaders a black eye saying some are calling it, it was the reaganomic. there is a complete difference, japan has a key demographic difference with the united states, moving ahead, that is going to create continuing. >> tim: racings and -- continuing. >> tim: racings. ee owe gyrations. one of the reason is they buff

the bank of japan kept its monetary policy unchanged yesterday. this appeared to hurt investor sentiment, not just in japan but also globally and led to the yen's sharp rise against the dollar. tell us more about that. >> good morning. and yes, the dollar fell sharply against the yen overnight in the u.s. but first here are the opening levels for wednesday, june 12th. the in this case kay is lower at 13,016, approaching the 12,000 level. and that's after it fell almost 1.5% on tuesday. the broader public says it's also lower by more than 2% at 1,075 points. let's have a look at where the yen is trading at right now. the dollar yen is at 96.15 to 17 compared to the upper 98 level before the bank of japan concluded its meeting overnight. 95 at one point. investors are selling the dollar and buying back the yen to unwind their short position in the japanese currency. let's have a look at euro yen. the currency pair is now at 127.97 -- now it's 128.01 to 06, with the euro also lower against the yen. retreating from the 131 level it was harboring at wh

what do you make of the bank of japan and their effort? can we chalk it up as a failure yet? >> i think the market is rightly questioning the effectiveness of the bank of japan, not the willingness but the effectiveness. and do so for a number of reasons. we have yet to hear about the structure reforms. remember central bank liquidity is a bridge. that's about structure, reform and growth. second, japan is trying to do a lot and can only do that through capturing demand from other countries. finally the initial conditions are the worst possible. they have the lowist popsy credibility and bad demographics. you're seeing the market questioning the effectiveness of unconventional policies in japan. >> i'm curious, from your perspective what happened to the great rotation that we talked about? it feels like a great pumpkin, we're waiting for it and it doesn't show up. today we saw bonds and stocks move up. bonds sell off again is the equity market vulnerable? >> compare the last 24 hours. items incredible how much information 24 hours ago people were worried about the central bank

of both central banks. it makes a lot of intuitive sense. bank of japans down. >> dumb it down for the viewer. >> and yourself. >> and murphy. >> well, correlation co-o efficie efficient. >> it means if the bank of japan prints a lot of yen relative to what the fed is doing, and this is topical over the last week, the yen is prone to go down and that's happened over the last ten days. >> there's more supply of yen versus less supply of dollars so, therefore, the differential will cause the depreciation of the yen. >> precisely. >> are you surprised by how quickly the market corrected in japan? >> i think it tells you that a lot of people were in the same trade. they are short the yen and long equities. a huge percentage, it's kind of hard to figure out exactly, but a huge percentage, maybe as much as 40% of japanese volume up to may was actually etf sourced or structured product sourced which is a relatively large number relative to what they've experienced in the past. when things turned, those people wanted to get out quickly. >> talk to us about dan lo

policy should be in this new era where the very aggressive policy is being pursued by the us by the bank of japan and others the bank of england for that i think for some for some policymakers a somewhat appreciating currency is not a bad thing eight discourages capital flight be it paves the way to remember the internationalization is very interesting and this in shanghai a couple of weeks ago to see the governor joe of the people's bank of china is talking open internationalisation of the art is amazing and opening up the cap look at that used to be discussed as something in the very distant future and policymakers are not talking about this is if it's going to happen. this year so that is a major change and i think we're going to see r. and b. regionalize ation increasing use of the r. and b. in international transactions not since the days when policy was just we currency exports and growth policies go. that was neil ferguson author of the great degeneration stay tuned because up next we'll play my interview with ben willis from the floor of the new york stock exchange we get in the high freq

of this year and particularly after the april 4th announcement of the aggressive easing by the bank of japant this pickup in momentum to continue for full year growth of 1.7% but still a long road ahead and we have mixed signals because we haven't seen investment picking up quite yet so we're watching for that but signs are with improving business confidence that should not be too far behind. >> i mean there's a good chance presumably if inflation is still considering to be well short of the 2% target. if that continues to be the case at some point do you think the bank of japan might step up even their purchases from what they've announced? >> well, we our severals do not expect japan to hit that 2% inflation target any time soon, probably beyond the time horizon that the bank of japan is aiming for. they've had 15 years of entrenched deflation so it's really an uphill battle. whether they step further on that gas pedal and expand more remains to be seen. we do not expect that in the near term. i mean, their announcement on april 4th was very large, exceeded expectations by a very wide marg

we could talk about the catalyst for the rest of the day, bank of japan, and variety of issues and it the markets. what did this cause? well, it caused the cascading effect, and if you look at the 24-hour chart jbs, you will see that they will go hot when they start to get above 1%. you want to watch 1%. look at what is going on in italy, spain, and their 10-years are each up about a bakers dozen, 13 basis points. and merging markets and this may sound silly, but i feel sorry for them, because they have to deal with the batons by allduct b banks and watch the chart of the 10-year mexicans, and one-year high yield, and switch gears to the central exchange, and the leverages and the kerry trade whether it is dollar yen or euro yen, it is the extreme levels and we will go hot on the dollar yen and if it breaches 95, pay attention to the level. carl, back to you. >> thank you, rick, so much. time for something we call "kelly time" here at post 9:00, and we need graphics there. >> well, i slightly disagree with rick, about feeling sorry for the emerging markets. but some of the route that

biggest mistakes are the bankers have done isen is underestimate what the bank of japan has done. >> all of the central bank stimulus around the world is in a sense a free pass for investors that the stock market, because it has risen so much as a result of the stimulus, will continue to do so. if there is a paradigm shift, and that's about to change, what does that mean? >> if there is a paradigm shift, it is on stronger footing and kwaunt tate you've easing is helpful. but the fact there is tremendous profit growth the past four years, tremendous balance sheets and we are beginning to see confidence replace uncertainty and fear and we are only at the very beginning of that trend. so with all the money on the side lines and cash and bond funds, we can see stock prices much higher over the next couple of years. >> one asterisk though, guys, one asterisk. we are five years, five years, after these programs began. five years ago, ben bernanke would have told the world, listen. here is what i'm going to do. in five years you are still under 2% growth. what would the world have said? >> u

policy should be in this new era where very aggressive policy is being pursued by the us by the bank of japan and others the bank of england for that i think for some for some policymakers a somewhat appreciating currency is not a bad thing eight discourages capital flight b. it paves the way to remember the internationalization it's very interesting of this in shanghai a couple of weeks ago to see the governor joe of the people's bank of china is talking open internationalisation of the art is amazing and opening up the cap look at that used to be discussed as something in the very distant future and policymakers are not talking about this is if it's going to happen this year so that is a major change and i think we're going to see r. and b. regionalize ation increasing use of the r. and b. in international transactions and in that sense the days when policy was just we currency exports and growth. that policy's gone. that was neil ferguson author of the great generation stay tuned because up next we'll play my interview with ben willis from the floor of the new york stock exchange we get in

the bank ofiew japan's efforts? do you still support bank of japan policy? he other question, how much do you pay attention to the spillover effect to international markets when you consider exit strategy? >> i think the volatility is mostly linked to the bank of japan's efforts. which seems logical, since in earlier episodes when the fed was doing asset purchases and the doj was not doing anything, there was no volatility. it seems logical that the change here is the change in boj policy. boj is fighting against entrenched deflation. deflation has been a problem in japan for many years. expectations, public expectations are for continuing deflation. it takes very aggressive policies to rake those expectations and get inflation target the bank of japan has assessed. that is why it is difficult. to be -- they have had aggressive. the aggressiveness in the early stages, where investors were still learning about the reaction function, it is not all that surprising there is volatility. also, the jgb markets are less liquid than the treasury markets, for example.

still higher than before the bank of japan began aggressive monetary easing program at the start of april. let's check on the currency level. let's see if we can bring those numbers up. the dollar yen is at 99.79 to 81. below the 100 level since may 9 this year. the currency fell as low as 98.86 to be exact before rebounding to its current level. one factor behind this is the closely watched institute of supply management reports. it showed a contraction in activity. this increased expectations that the fed will continue a similar plus program. let eets have let's have a look at the euro yen. it's at 130.41 to 44. data showed manufacturing in the euro zone fell at a lower pace. we also received a report on overnight auto sales showed japanese inkricreased their sal year on year. back to you. >> thanks for that update. the leader of japan's largest business lobby has urged the government to clarify how it plans to restore fiscal health and achieve economic recovery. he also said that rebuilding state finances is essential for a full recovery. he indicated they will step up calls for the go

despite the moves such as the federal reserves and bank of japan, they are concerned about the pace of growth. as we have seen in recent weeks, investors questioning whether central bank's plans are going as smoothly as they can. definitely the correction in the nikkei and the yen seeing evidence of investor concerns. >> we have seen the dollar gain a touch ahead of the fed meeting. where are we right now? >> focus there of course kicking off and having a look at the dollar yen. 64 to 68. it's also gained a touch after the home builder's data and they saw the biggest jump in seven years and more optimism in the housing markets. we will get more data in the u.s. later this week as well. the big focus on that. the markets of course a little bit more focussed on dollar pairings ahead of the fed's two-day policy meeting that starts later today. it's common to seek a little bit more clarification on chief ben bernanke after he gives statements that follow the f1 meeting and whatever he said, the tests that produce further reaction in the financial markets. there is going to be a big focus o

others say this is due blank -- lack of confidence in banco japan's monetary policy. how do you view the bank of japan's efforts to? support bank of japan policy and another question is how much do you pay attention to the international market when you consider the strategy? >> i think the volatility is linked to the bank of japan's efforts. it would seem logical since in earlier episodes when the fed was doing asset purchases and the be o.j. was not doing anything there was no volatility so it seems logical the change is the change in the o.j. --boj policy, deflation is the problem in japan for many years which means that expectations are very much public expectations of a continuing deflationary, takes very aggressive policies to break those expectations and that inflation up to 2% target the bank of japan should be set. that aggressiveness in the early stages of this process where investors are still learning about the reaction function is not all that surprising there is volatility. also the j t b markets are less volatile. there is something they need to pay close attention to but on the

[closing bell rings] >> one of the things you're waiting and seeing for will be happening tomorrow. big day tomorrow over in japan. bank of japan will make announcement that is weighing on uncertainty of market. virtually a split decision rate here. the dow jones industrials and s&p both down just a tick. less than .1 of a percentage point >> the firm raised its outlook from stable to negative. adam: mack mack's saying its global same-store sales rose 2.6% in may. this is lot stronger than was expected. u.s. sales rose 2.4% with the company attributing growth to new menu items. such as new premium mc wraps. >> google reportedly reached an agreement to buy wave. it's a global mapping system. gives drivers real time information to help with traffic the company. all new direction. adam: also in the billions. ihs announcing $1.4 billion acquisition of r.l. polk and company. owner of popular carfax service. ihs says the deal will help build its stake in the automotive industry, cheryl. >> citi research slashing its forecast for pc growth this year, the company cutting 2013pc year growth to negative 4%. ouch. they are citing

the bank of japan decided to leave rates unchanged. the european market did not like that. course it all took a hit. but let's bring it back to the united states. some of the big movers. sprint and nextel moving up above 2%. what's going on? well, you have as we did. that's an important point. this network still has a bit then for 25 billion. we need on behalf of the south bank. like 21 billion, sprint gets to be that princessswaiting to be swept off her feet by whichever prince is going to win this one. watching that story very closely. analysts coming up. the doing rather well. confusion and sigma i getting all-time highs today hitting a three and a half year high. as a just some of the names that are looking very healthy at the moment. here on this floor is all about media coming up. we have liberty formal. they just finished, completed their acquisition of virgin media. with a big story. it will be talking about that. how far he has brought this channel in just a year's. we are talking homeland, six in denominations. not bad at all. so we will be talking now about that.

the bank of japan not doing much. that really turned the eyes back on the u.s.

want to discuss a number of issues including the reopening of a jointly run industrial complex and a tourism destination. >>> japan's central bank policymakers have decided to make tan their bold monetary easing measures. their aim is unchanged. bank of japan board members made the unanimous decision at a two-day policy meeting that ended on tuesday. the officials also upgraded their economic assessment for the sixth month in a row. they say japan's exports have improved amid ongoing economic recovery in the u.s. and elsewhere. japanese consumer spending has remained resilient and corporate capital investment is bottoming out. policymakers are likely to have discussed how markets reacted to the monetary easing measures in april. long-term interest rates have surged and share prices in the valley of the yen have fluctuated. let's check out the markets. japan's nikkei fell after the policy meeting. the nikkei slipped 1.45% to finish at 13,317. many investors seem to have been disappointed. the central bank didn't come up with strong measures to respond to recent bond market fluctuations. and japan's long-term interest rates turned

looking ahead for next week, we will kickoff with the quarterly business sentiment compiled by the bank of japan among manufacturers. in the u.s. there is the all important jogs data due out as well. back to you. >> thanks if are that. from the tokyo stock exchange where they are up 1.2%. here are other asian markets open at this hour. # >>> aid workers in the north indian state are calling if for emergency splice of clean food and water. more than 2,000 people remain stranded from floods and landslides caused by heavy monsoon rains. about 600 people are confirmed dead after more than days of floods in the mountainous state. india's home minster said the final death toll may be more than 1,000. they are surreying to reach stranded people. they rescued 1,500 so far, but another 2,5 human human are waiting to be evacuated. they are warning about risks from poor sanitation. >> it is important for them to have safe water. if they don't, they are going to have food bourne diseases or jaundice or other diseases. >> many isolated areas have been cutoff by landslides and accessible only by air marking i

now the bank of japan wraps up the two-day meeting today. how are things looking this morning some are. >> good morning. investors are taking a step back ahead of the conclusion of the meeting at this moment. here are the opening levels for thursday, june 11th. the nikkei is now about 0.5% and the broader topix is also lower by 0.26%. they shrugged off worries about a slow down in the chinese economy and encouraged by the positive revision of the gdp numbers as well as a weaker yen. the nikkei rose almost 5% to close above the 15,000 level after losing 50% from the peak in may. on to japanese bonds. by the end of the boj meeting, bank officials may address the recent volatility in japanese government bonds. jgb hit 1% in may, the highest in a year. it eased from the level, but market warriors will be watching for the direction as they have a big impact on the business of major financial and real estate companies here in japan. let's have a look at where the yen is trading at right now. the dollar yen is at 98.65-70 compared to the lower 98 le

you saw a lot of volatility yesterday after the bank of japan did not give you more information about what their end golfs for their current policy of the bond buying program and the market has really been on edge the last month or so considering whether or not the federal reserve it's own bond purchase program. in fact, the way we view it, the market is actually pricing in for a very bad policy mistake by central banks not only in the u.s. but indeed globally. >> is the market over doing it as ira suggests there? in other words, are they pricing in the possibility of not only a tapering but a complete cancelling of the bond purchases and why are the emerging markets taking it so hard? >> i think two things. first of all, i think there are genuine economic problems in emerging markets. china is growing more slowly and you can see an inflation problem in india. you got a bit of inflation problem in brazil, too. so there are growing pains there, but in the long run i think emerging markets will grow more quickly than the developed world anyways, and i would wants a sets there. markets h

players are hoping that policies that were set in motion by prime minister shinzo abe as well as the bank of japanctually pan out or play out through the markets. there's a lot of hopes being pinned on that as well. now, specifically shares that i'm going to follow today, i want to focus on softbank and it rose 4% yesterday on news that one of its major rivals in softbank's bid for u.s. telecommunications firm sprint nextel has basically pulled out of the running so we'll continue to watch softbank shares today to see if that continues. >> the dollar gained quite a bit after the fed statement and bernanke's speech. where do we stand right now in tokyo? >> very good point about currencies. the dollar/yen is a big focus and with the dollar surging after the more optimistic stance on the economy by the fed it hit its highest level since june 12th and gained against other currencies. currently 96.47-51 and with the dollar having gained there's pretty good reason for exporters to come in for further buying as bargain hunting continues. let's look at the euro/yen as well, extending gains, 128.19-29 afte

now obviously today we were talking about the bank of japan. te people talking about the disappointment of the way they reacted. there's a lot of storylines going on. you look at the emerging markets, that we talked about, the volume going in just over the last month is spectacular. >> people forget, pete, that we had a long time with gaps open, gaps up and then the market would be flat the rest of the day. >> mutual fund mondays. >> right. we're seeing those gaps now and they're news-driven gaps. they're about japan, about emerging markets, about currencies in south africa. this is a new feature that we really haven't been plagued with yet until recently. that's just something to be aware of i think if you're going overnight with positions. >> eem, have you noticed the death cross on that? >> a lot of crosses, a lot of death. >> sounds dismal. meantime, with stocks up 14% and volatility apparently here to stay, is there any big upside for the rest of the year? jason pride manages over $20 billion at glen meade. always good to see you. welcome t

finished lower after the bank of japan held off on new steps to curb the volatility in the bond market. mixed results on wall street. the dow fell 9 points while the nasdaq gained 4. >>> ceo steps down after five years on the job. comes months after lululemon puy oga pants. cost the company as much as $67 million. shares fell 13% after yesterday's surprising announcement. >> good news for apple fans. the coopertino company -- in sao alone half of all robberies involve cell phones. the activation lock is all part of the new ios7 software which was unveiled yesterday at the worldwide developer's conference. >> and now with activation lock, if a thief tries to turn off find my iphone or wipe the device entirely, they will not be able to reactivate it. >> san francisco da says he's impressed by the activation lock. later this week, he will attend a smart phone summit with representatives from apple, google and samsung to discuss smart phone theft. >>> at&t cell customers will have to wait out full contracts before upgrading phones. no phone upgrade until the two years runs out. at&t joined

the central bank of japan of the balance sheet, the money they are printing has gone from april to today, from 60 trillion yen to 75 trillion yen. in a month and a half. it makes the fed look benign, the market is paying attention to it because it was not expected and they are a big economy in the world, if they get positive growth, it effects all of us. >> we will leave it there. thank you both for being with us. up next "on the money," the senate starts an -- we will explain why washington's approach on immigration is all wrong. is google mapping a new way to get you what you want. hoit changes the road for navigation and the smartphone wars, is it time to make a turn here. we will be back in a moment. >> this bill would provide a pathway to earned citizenship for the 11 million people in the country illegally. so that pathway is tough, it will take 13 years before the vast majority of the individuals are able to even apply for citizenship. >> that was president obama urging congress to pass the immigration reform bill being debated on the senate floor, it's a hot button issue for form

so the central bank of japan's balance sheets.o the money they're printing has gone just from april to today from 60 trillion yen to almost 75 trillion yen. >> in a month and a half? >> makes the fed look benign. it's extraordinary. so i think the market is paying attention to it because it wasn't expected. an extraordinary move, and japan is stale big economy in the world, so if they can get growth back that has positive trickle-down effects for all of us. >> good to see you both. thank you so very much. jason, rebecca. up next, the senate starts debate on an immigration reform bill that would provide a immigrants. i talk to a ceo who is an immigrant himself who says washington's approach is all wrong. >> google changes the road for navigation and the smartphone wars. time to take a turn? we'll be back in a moment. we've been bringing people together. today, we'd like people to come together on something that concerns all of us. obesity. and as the nation's leading beverage company, we can play an important role. that includes co