we are joined now by james bevan. james listening to james, my colleague the expectations of more easing economists expecting another move, another polling of the trigger. what is that going to do for the japanese economy? james: it is very clear, the boj has been faulting asset prices by buying japanese government bonds. we will hold them until maturity. you get out early. that is what we should see more of. japan needs a huge structural shake. it doesn't have to have a big shift in the psychology of investors and consumers. that is a very clear signal the bank of japan is being encouraged by the policy agenda. the second issue is, we need companies to come to the table to create more profitability. the return on equity is very low. japanese companies hold so much cash. they recognize the importance of value. returns will be magnified manifold. jonathan: i've heard about the changing culture in japan in terms of corporate profits. a lot of people will say that we are starting to see some signs of that. james: we defin

what does deutsche bank need to look like for james bevan to say, there is some room for this? s: it needs to be ruthlessly efficient. if you say, who are the winners of banking, i would day in tesla, credit agricole in europe , they have national strength, they have retail business to die for those are the ones to look for. if one were thinking about the investment banking sector, i would say this is an easy home run for goldman sachs. they have invested aggressively and they are a miles ahead of the competition. they are much more risk, is in. if you were to say to me, what is the problem with goldman, it was the staff got the lion's share of the benefits. jonathan: there's a couple people still screaming at the tv saying, seven? why sabado? james: low valuation. i think one of the challenges we face as an investing community is, we spent a lot of time trying to judge a company by the progress of its share price. they are doing all the right things. jonathan: talking about doing all the right things, we've had guilty pleas, some sizable fines. the bank stocks didn't really car