tom: michael feroli is with us. king about, how does that sift through the feroli prism. how does the bond point guide affect your work? michael: it is not directly. lisa: we don't care. [laughter] michael: when we take our view of the economy, we have to take into account financial conditions, and these are conditions that are affecting the economy. right now, they do not seem to be of the magnitude that they are really changing along the forecast. obviously that was not the case when we had big moves in the dollar, and that clearly affected growth. it is probably not moving the needle on growth yet but if risky moving higher, we could have a situation like late 2013 where the interest rate in the economy get hit really hard. brendan: this is a simple rule have a stable portfolio, stocks and bonds in equal proportion. lisa: the risk parity fund invests in stocks and leverages of their investments in bonds to offer a sort of amplified, protected shield. those funds -- tom: that is what the marketing materials say. li

tom: let's get to the yen, and then we will get to kate more off of what michael feroli said yesterday. kuroda of the bank of japan says enough. yen depreciation has been believing the most important tool to affect all day now max -- autonomic's -- he called that bottom in the, and then up we have gone with the yen depreciation of 62%. willy pesek lives bobby now max a abenomics in japan. was kuroda speaking to his international in asian bank community? >> there is a theory to me made -- to be made that he was talking to both. certainly it is hard for the u.s. within an election cycle coming up to bash china's currency policies, so i am sure that came up around the sidelines. the others, one of my theories is that kuroda is saying to prime minister abe it is your turn. it is excited. the nikkei -- it is -- it has excited the nikkei, it has weakened the end. the most important part of abenomics is the valuation. this was kuodroda's way of saying to abe it is your move. brendan: what he said to parliament is in the passive voice, "i don't see how the yen can go any lower." in his prepare