joining us now, steven barrow. if i could start with you, we all love the function. this is on the day, steven. when you looking at all the currencies falling from the g10. when you look at the other currencies, it is more risk on than risk off. why is the yen the haven trade? >> i think one reason is, if you leave aside the haven issue for a second, the dollar-yen those very closely with the tenure spread of treasuries and jgb's. it is more so the case since the bank of japan targeted that 10 year yield level. narrowing off and that has kept a little bit of the downward pressure on the downward yen. mark: nandini, the markets once again fo proving geopolitical resistance. couldre a flashpoint that cause a more durable flight to haven assets? >> i think what the market is doing is what we tell the long-term investors to do as well. there could be geopolitical tensions. looking at the fundamentals of the earnings story and the macro picture, it is actually quite strong. this morning we have strong pmi data coming out, good survey indicators, good gdp numbers across the