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that's kyle bass's primary theory behind this. but if you look at where japanese bonds are today, i think the ten-year yield today was less than 60 basis points, whereas the dividend yield on japanese stocks is about 200 basis points. so longer-term structural worry, absolutely, this keeps me up at night. for the next couple of months, maybe even the next few quarters, i think we've still got some room to run. >> all right, rebecca, we're going to leave it there. thanks so much for joining us. always nice to see you. rebecca patterson of bessemer trust. i do want to buttonhole this conversation, guy, in terms of we've been talking about the exporters specifically you've been talking about toyota motor because for every about 1% depreciation in the yen, it means about a 1% appreciation in operating profits. >> $100 a car i think somebody said. and again, i would have thought toyota would have had a positive -- understanding the tape was negative, i still thought tm would have been up, and it actually was down most of the day, even

kyle bass is about as negative on japan as an investor could be.es about the position that he is taking. and for some it is a trade. a trade that has been working quite well as late. >> the show's sec reference. thank you very much. >> he could have never done that. never done what he just did. >> nailed it. just wait until you see how mcdonald's england views the typical american. it's almost as though we need to go back to war with england. >> stereo types for a reason. >> and inside the biggest bank heist in the history of the planet. we will break down some earnings news with price line most especi especially as soon as they are released. all that and more on the closing bell. we will be right back here in a minute. all stations come over to mission a for a final go. this is for real this time. step seven point two one two. verify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. sieme

but interestingly enough, in the past quarter, toward the end of last year, big holder in there, kyle bassemming's capital, that will be interesting to see if he's still there, what role he will play. >> and i'm going to quickly touch on hain. we had a couple of data points from some of its channels, where hain products are sold. last quarter, same-store sales, three-year low. the fresh market, a down bate full-year view. so there's some concerns going in, but we'll see the stock has been at ho one and a battleground stock, if you will, herb, to use your terminology here. that is the squawk for today. if you want to join the conversation, tweet me @melissa leecnbc #earningssquad. we'll be back tomorrow morning. and in the meantime, "street signs" continues right after this. i'm only in my 60's... i've got a nice long life ahead. big plans. so when i found out medicare doesn't pay all my medical expenses, i got a medicare supplement insurance plan. [ male announcer ] if you're eligible for medicare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you

as for japan, i think there's very little doubt from the likes of kyle bass to mohammad al aryan, myself, many, that's where the focus is going to be. and i think today we learned that one of their giant pension systems is going to change its rules before its five-year window that allows them to do that, at least, suspicions are they're going to, so they can buy more equities and not necessarily buy more jgbs. that sounds normal on the surface, but once again, jgbs market's a huge market. if these start to trade above 1%, the carry implications for the leverage that all the hedgies with their great relationships, with all the too big to fail banks, those transmission lines are going to start to get severed. but it doesn't seem like it's an imminent danger, so we look the other way. >> brian, would you put money in japan right now? >> certainly, i think japan is a great story. i think with the yen where it is, it poses a good prospect for japanese companies doing more exporting and we really do like japan. >> and josh, with the fact that rates are rising here, that's hurting some of the i

. >> and more comments out yesterday from kyle bass, long standing pessimist on japan, but his long term focus on growth is a ponzi scheme upon ponzi scheme. >> i think boj is the latest to come into this qe story. you know, the fed has been do g doing -- the ecb, the bank of england, all central banks are firing all cylinders to spur growth. the boj is the latest to add onto that. reinforces the environment in which currency in which you want to fund against to take some risk. used to be the euro before, the dollar, and now the yen. so i think on that basis it certainly is -- you know, it opens the door to what -- i think eventually investors will pick a currency to fund against. given what the boj is doing and the one most aggressive at this stage, we don't see why the yen should not be the currency used most heavily as the funding kern currency. >> okay. thanks for that, senior currency strategist at bnp paribas. >>> also on today's show julie will join us from milan to give us the latest on the generali numbers and head out to rome to get a preview of earnings. >>> alibaba with a new

kyle bass' bullish call on the yellow pages' company dex media has sent stocks soaring.by keith meister, time warner telecom seen as an m and a target in the coming year and level 3 communications. also moving significantly was david einhorn's single pick, the natural resources service provider oil states international. einhorn spoke well after the bell yesterday saying the impact was initially limited but the name is up 4% this morning no doubt based on him and jana partners filed their ideas as an activist for the stock last week. the impact was a little more muted on the shore side. seagate technology has seen weakness in the wake of a bearish call. some currencies suggested shorting are also down a bit, including the brazilian real and the canadian dollar. it is hard for one investor to impact a market as big as a currency so you would expect a little more limbed impact there, if any. >> a lot of commentary today on the quality of the presentations. cramer today suggested there was not as much inventiveness as you might have wanted to see. is that because all the eas

where kyle bass comes in and seaing phase two, this works so well it then triggers a crisis.hey have so much debt that they reach the keynesian point, and if there are two fundamental things to worry about and this goes back to the funding crisis issue, a, the fact that population is aging and instead of drawing up savings, they're driving them down. fukushima is running a deficit account situation than it has in the past. a weak funding situation where again, if they succeed for now, great. look at what the nikkei has done longer term. >> 47%? >> no, 72% over the year as well. >> 70% year to date. >> we'll go m & a with the yen falling makes it less likely and it doesn't buy as much. for his part, massasan at softbank and the hedge that made hem a fortune. some people say if he walked away between the hedge and other things. >> what a win. >> if china comes back online, what does it mean for japan? >> that's a big f, though, the status quo, this kind of 7% is the best they can do and it anies in impeach the question is as it conditions to weaken with regard to the currency s

>> when you talk about japanese stocks, we had kyle bass on cnbc earlier this year and he said buyinge stocks is basically like picking up dimes in front of a bulldozer. do you agree with that? >> no, i don't. >> japan's the second largest market cap collector, the third largest economy. they've got a demographic problem, no doubt. but lots of great companies. they've got companies that aren't expensive at this point. it was a wildly depressed market for a long period of time. and they've got a central bank that is trying a quantitative easing program four times the size of ours. and if you look at the playbook of u.s. quantitative easing and move it to the japanese story, dividend stocks are going to do well there. the exporters with dollar/yen moving from now 102, by the end of the year, 115, 120. >> given we have -- you talked about the exports doing well there. you've got weakness in china which is affecting commodity prices and exports, weakness in europe, germany now suffering along with france and some of the peripherals, isn't that an export problem for japan? >> well, it cert