importantly, carl weinberg is with us with high frequency economics. good morning. japan, after the bombshell last time, what will they do this time? carl: good morning, tom. greetings from charlotte. i think we will have a quiet meeting from the bank of japan this time. no action is expected. their objective is to get the yield curve as low as possible, as negative as possible, to help the government with its financing. i am anticipating that they see themselves as on track to do that. tom: whether it is unilateral intervention or unilateral quantitative easing, have we once again proven it does not work? carl: i do not think quantitative easing will accomplish much for the economy of japan. they are dealing with the population, and the depopulation of the country, it has to get smaller. monetary policy cannot affect any of that. everything is focused on fiscal policy and trying to keep the government afloat with zero interest rates. francine: do you think the boj is regretting the move into negative interest rates? the markets did not quite react to it as much as