steve sedgwick is joining us with the latest from london. good morning, steve. >> dom, i want to call it hot. japanese wages. that is where all of the japanese companies companies. the hottest figure we have seen in 33 years, dom. they have come in at 5.3% wages. the rest of the central bank and fed and ecb and bank of england wants salaries to come down to cut interest rates. they want to raise rates in japan. the world is on its head. japan is the only place, the bank of japan is the only place where we still have negative interest rates. ultra loose monetary policy. the yen is under pressure. look at the yen against the dollar over of the last two years. it has plummeted. the dollar has rallied. all of the exporters are getting gorgeous terms of trade. in the meantime, the bonds with the hot data out of the u.s. in terms of the ppi and the cpi, but my goodness, the japan ten-year paper trades at .8% as opposed to the u.s. at 4.2. it trades low because it has something called ycc. yield curve control. it caps it at a reference point of 1% a