lakshman: i agree with that.uld be at the ending chapters of those efforts but cycles turn even when things are quite dire. i took a look of the oecd outlook negative including europe and germany and it is very interesting. the cycle indicators for europe have become more constructive. they sometimes do that. they go in a way you don't expect and they have done that in europe. certainly german manufacturing is still in the crosshairs but even there it is getting less bad. when you realize europe is very nuanced, it is not one economy, you can see some areas like france that look downright optimistic that they are going to actually get reasonable growth in coming quarters. shery: last week we heard from the bank of japan governor saying the boj has more room for easing compared with the ecb despite everything they have done so far. how do you rate the economy? lakshman: i am worried about japan. that is one place we should look for recession risk because leading indicators have gone down. couple of bad things happ