we had robbie feldman earlier. peterson institute on his study of the german people. from london, from your -- from new york. ♪ tom: "bloomberg surveillance" from london and new york. good morning, everyone. let's get to first word news with taylor riggs. taylor: hillary clinton is scoffing at donald trump's claim that he is the only one who can fix the economy. hillary clinton is the first female ever nominated for president by a major party. she accepted the nomination last night at the democratic convention in philadelphia. she said his message is based on fear. ms. clinton: now, you did not hear anything about this, did you, from donald trump at his convention? minutes, and70 odd i do mean "odd." above] and -- [cheers and applause] mrs. clinton: and he offered no solution. taylor: clinton and senator tim kaine will be on a bus visiting pennsylvania and ohio. the bank of japan will purchase more etf's and double the size of its dollar lending program, but it is not increasing the pace of government bond purchase

tom: thanks to robbie feldman and morgan stanley, a huge assistance yesterday. bloomberg, the global litmus paper, this is beyond elegant. this is if i were to teach a course for olivier blanchard at m.i.t. on the mystery of charts, this would be a gorgeous chart of euro-yen. all you have to know is a trend is in place of a strong yen and a weak euro. even with the recent moves of wiki and, there's a lot of technical resistance to get to some form of positive abenomics. we're nowhere near that now. one of the most important voices , olivier blanchard for the massachusetts institute of technology with his service to the international monetary fund and with the peterson institute -- he has been a quiet voice of reason. we are on with professor blanchard. he joins scarlet in london. go to the morning after you wrote to the peterson institute. this quote on brexit is .mportant sterling's depreciation will help, but not compensate for a drop in investment and the adverse effects of political and economic uncertainty. as a canary inen the coal mines signal that genera

we now have joining us from tokyo robert feldman of morgan stanley. robbie historic day for japan here and what is the linkage of the japanese people to their emperor? robert: i think the emperor is very widely respected here. he has been and ask a lint emperor. as you probably know from his a beautifulhe had his american experience, and gives a very strong sense of how much -- what fectionright word? -- af people of had for him. the the affection for family is radically different from what we see in the united kingdom. compare and contrast the solitude of the royal family in japan versus what we see in the western world. i think in japan the notion of the emperor as a symbol of the state is very important. it is something that people consider part of their identity. is one thing that has helped give people a sense of identity for their country and help them come together in difficult times like the earthquake a few years ago or the economic difficulties that we have had. in that sense, the imperial family has played the role that society has given them, a k