in many way, the onus is on kuroda.hen you look at the level of demand in the japanese economy things are not as healthy as you would expect. i think the boj has done a good job thus far. there's only so much they can do. because the government is not doing its part, i expect the boj to come up with qe3, qe4, in the next few months. jonathan: you've done so much work on the bank of japan. what is left for them to buy? the pension fund, the big government pension fund, has already had to get out of the way. what can they buy? willie: they can buy more asset-backed securities. they can buy more mortgage backed securities. i've argued that they should consider giving money directly to japanese people in the form of data cards, if you will. the money they are pumping into the economy is sitting on bank balance sheets. no one is borrowing. no one is lending. the boj has to figure out a conduit to get money into the pockets of the japanese people. we haven't seen that thus far. the boj has done so much. why not go a little fu

>> let's get back to japan in terms of what kuroda is looking we. they have a 2% inflation target and the street says it will be 0.2%. so they're almost 200 basis points away from their target so of course he has to say -- he has to talk down asset bubbles because he needs to keep a couple of bullets in the chamber if they want to extend qe again. that's why he can't say that he's worried about asset bubbles because he can't do more qe. >> do you think investors are overly concerned that we're in a bubble. you're looking at the composite double this year. the nikkei has been on fire and s&p 500 in record high territory and the nasdaq closing at a new record high yet investors seem come place complacent. >> no question. they're at extreme high levels. if you look at the amount of bonds to buy back stocks there's so many indicators. the fact that he is able to actually get out in public for the first time. but indicators of excessive risk taking all over the place. >> the problem we have here and larry knows this as well is we have tina. there is no a

governor kuroda said the delay is due to falling oil prices.ope, markets are closed for the mayday holiday. the u.k. and ireland are open. let's talk euro star. manus: i have had a couple of trips on it. a very nice. they are launching a direct service to france. the new router will stop at leon and marseille. that means people can get on a train in london and be in sunnier climes in the mediterranean. the euro star ceo nicholas. great to have you with us this morning. i have used the service recently on a number of occasions. it really is quite a great experience. you are bringing along 10 million passengers. who is going to book and how are the bookings looking for this route? nicholas: we are -- we have 45,000 segments. we are pleased. as you said later at lunchtime we will be by the sea. manus: give us a sense of what kind of service you are going to get. you have gourmet menus. chefs designing for you. give us a sense of what is available. nicolas: the idea behind euro star is traveling should be a pleasure. the moment you step on the trai

governor kuroda said he would be where he thought we would be. we are nowhere near it. what is he saying about the central bank's policy going forward? james: he was very defensive yesterday in the press conference. there was a lot of questions about that. he came out at least three times and said, the bank does not see the need for further easing. they say prices are going to pick up. even though they've had to postpone the time when they expect the 2%, they still think they are going to be achieving that. the bank of japan says everything is fine. it has been delayed, but prices are going to rise, so stop worrying about it. they came out today with three separate reports saying the policy is working, inflation is rising inflation expectations are rising, nothing to see here. very confident statement from the bank of japan. the question is, whether the people in the market accept that and stop expecting further easing, and whether the data start to support that. we don't see the data supporting the bank of japan's decision and we don't see the market accepting that arg

governor kuroda is going to be attending the event. draghi or kuroda, which one is going to get to 2% inflation first? jacques: if you take the package of the reflation strategy that japan has put in place, there is far more focus on reflation than in europe. there is a lot of coordination between the boj and the minister of finance. there is communication around waging -- around raising wages. in europe, there is a focus on competitive devaluation. as long as that is the case, it is very unlikely that europe will be able to reach anything comparable to the package that japan is trying to put in the system. not to say that japan hasn't got its own challenges, but still, there is far more emphasis on reflation strategies in japan than there is in europe. guy:? you joining us -- jacques cailloux joining us. a great deal has been achieved in structural reforms according to mario draghi. i wonder whether hans-werner sinn feels the same way. we will find out later. he is coming out in around 10 minutes time. we will continue to bring you th

. >> kuroda says that the exchange rates may be discussed at the meet bug he doesn't think it will be high on the agenda. >>> chief negotiators in the transpacific partnership free trade talks have wrapped up their latest round of talks. the officials are reportling some progress but they failed to narrow their differences over intellectual property rights. the meeting took place for 12 days through wednesday. they concluded talks on preventing standards for industrial products to become trade barriers. eight of 21 negotiation categories have been settled. some progress was made on correcting preferential treatment for state-owned businesses and rules for treating tariffs on individual sigh tells. but japan and u.s. negotiators failed to narrow differences over intellectual property rights including the period of protecting development data of pharmaceutical products. they decided to continue working level talks and hope it leads to a meeting that aims to conclude the tpp pact. >>> more for you next hour in business. you'll leave you with a check on markets. >>> senior officials from

the first time we have heard from kuroda. what does it mean for the overall strategy?is a huge financial experiment. >> yeah, when he came out with the 2% in two years, it was a catchy phrase. that hasn't happened. they have been pushing that two years out so that it effect live became three years and it would be by the end of this fiscal year. now they have had to say that two years is not going to happen at all. the bankers came out and said our timeframe was bad and mistaken because of the crash in oil prices we're not going to achieve that but we're still the bank still cease prices rising towards 2% and they still see themselves achieving that in the next fiscal year. the question is now whether inflation will actually do what they say it is going to do and also whether the markets believe that the bank of japan can achieve this. if prices continue on as they have been, don't rise toward 2s%, people are going to keep pushing them to increasing it, to increase stimulus which is what dr. kuroda said yesterday he is not going to do. francine: you really hit the nail

former district attorney lynne abraham stepping behind the kuroda 10 this morning in society hill. she's one of the six democrats running to replace mayor michael n sole republican in the mayoral race marissa marie bailey joined abraham at the poll. both candidates cast their votes and stuck around to talk with folks outside inform north philadelphia former state senator milton street made his vote official. the brother of former philadelphia mayor john street also shared a few hugs inside the cecil b. moore rec center. >> you can follow the election results as they come in tonight. we'll have special coverage of the primary election right here on the fox 29 news at 10:00. we'll have the results from all the races and our crew will be with the candidates for their reaction. you can also rely on were you website. towed myfoxphilly.com where you can get up to the minute results right there on the home page. >>> it's shaping up to be the largest recall that u.s. auto industry has ever seen. japanese air bag maker at a cad dough corporation declared 34 million air bags defective. they

. -- central bank governor kuroda saying he doesn not think further action needed.unced full-year profit rising 20%. they also raise their planned dividend. nikon did not have a good day ending 11% lower there after they slashed their three-your profit target. sharp closing lower 7% thereafter they posted a $1.9 billion net loss more than seven times the company's forecast. they are also saying that they will cut 10% of their global workforce. that stock has been down three consecutive days. singapore currently trading flat at the moment. i want to show you one stock today which is declining 6.5%. they are a property developer and they operate casinos. profit plunged in the last quarter. gaming revenue fell 26%. the stock there taking a hit. one market today that reversed earlier gains ending 0.6% down after the central bank kept the rate steady at 1.75%. back to you. mark: shery ahn in hong kong today. manus: they get officials continue negotiations with higher euro area creditors. talks started as there is pressure an offense to avoid default. this week saw greece

governor kuroda expects falling energy prices to cause a pickup in spending from consumers and companiesas we saw today, consumers aren't doing that. they cut their household spending for the 13th month in a row in april. not only is inflation not picking up, consumption is not picking up, and business outflow is weak as well. overall, the data are very bad for the economy and the inflation outlook. francine: today's data is a first look at the second quarter. japan's economy rose 2.4% last quarter. how is the economy looking as a whole? james: in the first quarter, you saw about 0.5% quarter on quarter growth in private consumption and the same in spending. as i said, we are looking at 80's greece -- looking at a decrease in private consumption. output rose 1% in march, but was down year on year. the data we have for the second quarter also not very strong. it -- there's no certainty that it will fall negative, but it may not be an extension of growth from the first quarter. francine: james mayger in tokyo. looking at the banking sector jpmorgan is set to be slashing more jobs. here wit

kuroda from the bank of japan and they are all saying they should voice their opinions when it comes to governments. there's only so much you can do as a central bank. essentially what mr. draghi is saying they do their utmost to enable growth but that is what they can do. if the situation were to worsen they could do even more he said at one panel discussion but so far the monetary policy stance is quite clear. of course, we had someone saying they are planning on front loading qe for some market participants. there was a clear sign that the ecb is planning on flattening the yield curve or managing the yield curve and that was also my biggest question to one of the most senior ecb watch dogs who is also one of the wise men here in germany, advising the german government about economic reforms. >> i think it's part of the unusual environment we're in with this aggressive quantitative easing the ecb has engaged in strongly influencing longer term interest rates. the whole yield curve as you know in the safe in the countries with low risk it's moved down into negative territory many ye

kuroda who is the bank of japan governor. back to you. >> a big line-up coming up. plenty more from g-7. we'll be speaking to the bank of japan governor. we'll bring you that interview tomorrow on cnbc. now numbers just hit the tape so we'll get you those numbers. .37 cent a share. income of 67.9 million. 35 cents per share in the fiscal year 2014 second quarter. you can see toll brothers now at $36.99. down by around 1.86%. they believe the average price of deliveries for the full fiscal year of 2015 will be between $730,000 to $760,000 per home so earnings up 36 cents per share. oil and shale are battling out for market share. which is likely to gain the upper hand? analysis on what's next in the sector coming up. plus fifa is due to hold a press conference any minute now. we'll bring you that live as soon as it happens. don't go away. >>> spacex is cleared for u.s. military launches and an ipo is on the way. >>> goldman sachs sees brent staying around $65 barrel from 2016 to 2018. increased shale production means they're expecting a $5 per barrel price assumption