tom: we are going to continue here, lots of good conversation. olivia blunt chart scheduled to be with us today. an exceptionally important essay from the peterson institute. speaking of essays, william dudley, a former president of the new york fed, very closely associated with the theory, the thinking, the application of fed policy in this crisis. bill dudley will join us later as well. stay with us from london, from new york, and worldwide, this is bloomberg. ♪ tom: bloomberg surveillance. francine lacqua from new york and london. this is what i am living on. this is the fabulous bloomberg terminal on cell phone, and i can have a chart here, pretty fancy, they be not what i can do on the terminal, but pretty close. and over here, you cannot see it. it is a spike down. that spike down is strong yen, week euro. this is what the -- weak euro. this is what the pros look at. they take the dollar out of the equation and look at euro-yen. this is a good time to look at this with jane foley from rabobank. talk about the grudging yen strengths we are seeing versus the euro. the yen is a well-established safe haven, so this is really why the yen remain