what have you got on, steve roach? steve roach -- apple watch.s have a boring old hamilton -- tom: why do you always use the word "time-honored." stephen: "time-worn." tom: let's save this segment. we will not talk about china, we will not talk about australia, we will just talking about steve roach of yell university. here is the long-term strength of toyota, of the yen, the four-decade trend with a dramatic trend here on abenomics, yes stephen, it is not really done, is it? it is not the deflation for japan. stephen: absolutely, tom. abenomics was designed to end at 0.9% growth in gdp for japan. abe has now been in power for 10 quarters. the growth rate in real gdp over that 10-quarter period is -- guess. 0.9%. tom: what should donald trump worry about a lack of immigration in china? some of that immigration and nominal gdp is because of their dynamics with population, isn't it? stephen: look, i will not take the trump question. he is not good at absorbing or learning anything. aging society that is suffering from low productivity, the demograp