redeker andre hans antonio pascual. great to see you gentlemen.a chart at the top of the show. , let me ask you what this means for dollar-yen. we think what happened in the year of 16 but a year when there was significant yen strength. the central bank was going into negative interest rates. theyhey were doing that -- had to see financials in their equity market were declining significantly. the equity market was week. when you have a lower bank stocks you have to think about the ability of banks to create credit. see was when you had interest rates near the zero , and you still have an inflation or depletion area and balance possible. in those circumstances you can get what we called a deflationary rise in real rates. nejra: sorry to jump in, but will the boj be able to do anything to stop the yen strengthening? hans: i do not think they are focusing on the yield curve. is much moreve difficult to contract in an environment where the s-curve is getting set to inversion. you are in the best of two worlds where international rates putting the back