charles st-arnaud from nomura.ly discovered computer flaw threatening governments and companies alike. stay with us for more on the shellshocked vulnerability. also coming up, we are turning the studio into a golf course. the ryder cup kicks off today in scotland. we look at the sports waning popularity and what it means for business. ♪ >> welcome back. i'm anna edwards. the dollarging up yen for you. we've had inflation data, cpi numbers from the japanese economy, and excluding fresh food 3.1% below where they expected that to come in. if you strip out the increases in taxation we saw them it becomes 1.1% of interest is that is one of the targets that shins abe has tohinzo bring that into the economy. is reacting to news on the pension fund. there are signs of progress which suggest that at least that reform strategy is gaining ground. he reforms in particular would mean moving closer to boosting overseas investments by the japanese investment fund. against 14 of 16 major peers so we are seeing some weakness decre

that nomura report we just referenced suggests the pound could fall as much as 15%.rely that's an overreaction. >> well, look, i don't want to pour cold water on now murrah's report, but they come second to goldman sakes saying sterling would be hit hard. of course, it would because the very idea of sterling is being challenged. and you're right, international eyes are suddenly looking at this situation and we've had other analysts report saying this could be another eurozone crisis. what does separation entail? to be honest, it's not just the rest of the world picking up and taking notice. it's here in london, in westminster, as well, that people have understood far too late how serious a threat scottish independence really is. >> wow, what's the countdown? ten days? eight days? >> nine days. >> there you go. thank you so much. >> the difference between. >> thank you so much, helia. >>> moving awrong, home depot has confirmed payment systems were breached by hackers in a cyber attack that may have stretched back to april. the breach was first reported last week by s

. >> phillip, nomura talked about the effects on selling earlier, warning that a vote for independence could lead to market digiters. how seriously do you take that? if it is a yes vote, what are you factoring in for what happens on friday? >> if it is a yes vote, the exchange rate is one of those channels that will get hit the fastest. it should be very responsive to it. if we get a yes vote, then we're probably talking more than 5% in terms of the depreciation. we could see ultimately a rebound from there. but the respect of some of the positions in long positions in sterling unwinding. policy rate hike expectations being pushed back and also some ca flow, nonspeculative from overseas accounts those three things combined would likely weigh very quickly in the event of a yes vote. >> phillip, thank you very much. and thank you to tell ya for now who will who will be joining again later in the show. >> timing for a look at the markets. the stoxx europe 600 is pretty 67 recouping yesterday's losses. a couple factors. firstly, reports about that massive stimulus in china and that is lift

nomura -- a note from one third of all the property developers in china are going to miss their salesargets. of course, the bankruptcies going on. target, there the is a president -- when the premiere sets the target, that is what they are going to get. generally, every year, that has been the case. through the miracle or some smoke and mirrors or some fudging the numbers, but basically, they always hit that number. the imf deputy managing director, the former deputy governor of the people's bank of china, he told the world economic forum, he said, the government should start setting a targeted range rather than a hard number. that would give the non--- the government some wiggle room. an artificial target really. for that,a lot stephen engle, our china correspondent joining us. we will get reaction to that in about 25 minutes when we get the chinese and hong kong opens. singapore, let's have a look at what is going on. oil prices headed south. asia-pacific stocks going insane direction. say, good morning to you first of all -- japan is closed for respect the aged day. china and hong

. >> jens, thanks very much for joining us, jends nordvic at nomura. >> let's take a look at your topies this morning. islamic militants have continued to advance on the turkish border in northern syria despite a third night of airial bottom bandment led by u.s. forces. in a bid to starve the forces of revenue. cameron said he backed the forces in the fight against isis. what's the latest, hadley? from an investment point of view, geopolitical tensions seen as an issue for these market. >> it is. some of the guests we've been hearing from this morning, they were just saying emerging markets, despite everything we're seeing, there's still appetite for emerging markets. what we've been seeing over the last few days, saudi arabia, the gulf states making this sort of overt stand in terms of going after isis and containing isis, hopefully to degrade that threat. we looked at the markets over the last couple of days there. saudi national day two days ago. yesterday the markets opened. i think that investors there, while just sort of waiting to see what happens next, i think what we could se