easing.ful let's get back to neil dutta.n, losingat inflation better but not where they wanted to be. >> the japanese economy has been another upside surprise for the global economy this year. inflation is not where the central bank wants it to be but also through it is moving in the right direction. i think, for the global fixed income market, i think japan is the canary in the coal mine. if you can get inflation in inan, you can get inflation the u.s. and the rest of the developed world. for global fixed income is the fact inflation is low everywhere. , atation picks up in japan all signs point in the direction of firmer inflation in japan with low unemployment and strengthening economic output. the regional economy around japan is doing a little bit better outside of china. to me, japan is something to watch, particularly for the inflation outlook as it starts picking up, then the bond market globally will lose its anchor, particularly in the long end of the risk or. -- >> what implications does that half of the new fed c