guest,et back to our robert michele and carsten brzeski. ke of the risk about china and negative rates and the side effects that they could entail. the trouble this would entail for banks. give me a sense of yen in japan. carsten, if you look at japan, this was meant to be the great financial experiment. it is not working. extra news monetary policy is not working. the -- they need structural reform. they need deleveraging. so much debt in the economy, i think it shows more monetary policy unfortunately. we don't have any other option. carsten: we do have more fiscal spending. the other thing would be facing a long period of weak growth. robert: or you loosen immigration policy and you cut taxes or do things that are more stimulative. the problem with going to negative rates is they are starting to in trench some bad behaviors. francine: from the banks? robert: from everything. from banks seeing the interest margin shrink. when you talk about the consumer, the interesting story to us is there are no more six for sale in japan. they were all