joining us is jonathan beinner.t how the central banks are adjusting their approaches, with the fed acting off a number of rate increases, the ecb moving to quantitative easing. is that what the bank of japan is thinking of doing? jonathan: it is. basically, if it will not work to pay banks a negative rate, why not try the opposite? where is banks borrow, they receive a negative rate. david: sort of a carrot and stick. exactly. escatly -- they are not really passing it through to end-users. so it hurts the banks and hurts risk sentiment. you saw markets when the bank of japan when negative on the deposit rate. the yen rallied -- markets did not like it. so rather than try to take your rates down and weaken your currency versus everyone else, tried to make it easier for the banks and cost less for the banks to lend in the real economy. say toit is one thing to a bank that you ought to loan. talk about the mechanism, which does not seem to work well. jonathan: that is going to be a challenge in europe, with the policy