>> welcome to "day break australia." i'm haidi here with paul. paul: jay powell reinforcing the fed's wait and see approach. oil extending its rally after opec plus sticks with current supply goods. haidi: taiwan's chipmakers are set to resume work after an earthquake caused maim damage. paul: let's look at howie shaping up for this thursday in the asia pacific we have just opened for trade in australia, in the early going, just higher by a few points at the moment. we'll keep and eye on a few stocks today. rio tinto, after the sovereign wealth fund expressed concern about the deforestation impact of a bauxite mine in brazil.

gold topping $2,300 an ounce for the first time. not a lot of movement in yields at the moment. dewid see yields in the u.s. slipping a lit a.f.l. jay powell's q&a following his remarks. we'll get to that in a moment they have aussie $a bit of a bep fishery from rare u.s. dollar weakness, 65.66 at the moment. let's take a look at how we're doing for japan. futures right now a little bit negative territory. not really by much. the yen didn't weak p much as a result of dollar strength. that's still hovering around the 151-152 level. a little weakness in new zealand in the early going. crude prices in focus. we did have -- crude prices rising at the moment. opec didn't make any change to output curves, that was very much as expected. of course middle east tension and ukraine attacks all keeping

those oil prices. haidi: let's look at u.s. futures at the moment we had the reaction to what we heard from fed chair powell. futures looking optimistic, in positive territory at the moment when it comes to small growth related names on the nasdaq 100 in futures trading. it was a volatile last hour of trading on wall street. eventually regaining their footing to go higher. paul mentioned gold a little bit when it comes to just above that 2,300 level for gold after we heard from fed chair powell reate rating the rate cut path this year. we also saw silver rising to the highest since 2021. this week's long rally when it comes to precious metals rising to another record. let's take a listen to what what it was that fed fed chair powell had to say when it came to the wait and see approach. >> these recent data do not

materially change the overall picture which continues to be one of solid growth, a strong but rebalancing labor market, and inflation moving down toward 2% on a sometimes bumpy path. paul: let's bring in the chair at dalton investments. belita. jay powell sticking with that well-worn long. let's look at what it means for rates. 50-50 in june. there's no meeting in august. are we going to have a bit of a rethink here? time will be running out on the three-cut scenario. do we need to have more repricing here? belita: i think that the fed's attitude of taking their time before making any cuts is sound given how strong the economy is. what is the point of boosting the economy any further and risking inflation of its own making and then having to reverse course if in fact inflation does pick up again? it seems perfectly sound that

they'll take their time. as far as the market goes and the market has been all over the place pricing, what was it, six cuts early this year? now to three and perhaps it will go down further than that. regardless of what happens with short-term rates i think the pressure is on the long end are still, you know, very severe. you have the huge am of refunding to be done by the government as well as commercial real estate sector. you have expend chowrns interest. you have competition for capital basically between the private and public sector. it's -- it's difficult to see how interest rates can be anything but sticky in the long end and in the short end, you know, as he said, they're going to take their time. paul: we heard from the t. rowe price c.e.o. earlier as well, talking about, the fed doesn't want to repeat the misthiesks 1970's where the easing happened too soon.

is there another parallel with the 1970's here as well in terms of strong oil price. will that throw a spanner in the works for central banks when it comes to inflation? belita: that's another thing in the background, this high level of geopolitical tensions, and two hot wars. with those things, you know, very much in play you could have an accident of some sort. iran could get more involved, and as we know that would affect oil markets significantly. we saw what happened in the red sea already. and who knows what might happen with russia. so with all these geopolitical uncertainties, and ongoing trade tensions even though both xi and biden seem committed to trying to keep thins peaceful for the time being, there's so much uncertainty that wait and see is probably the best considers of action for the fed. haidi: the fed is in no hurry to ease, the b.o.j. is in no hurry

to pick the tightening, does that continue to lay the groundwork for goldilocks to play out longer for japan equities? belita: very constructive on japanese equities. not crust because the b.o.j. is finally in a position where they feel they can end this negative interest rate polity that they've had for 17 years. but it's what's mind it which is that we are seeing wage negotiations this round of spring negotiations average around 5.3%. which is really substantial. and it ends, gosh, i can't remember the number but it's decades of negative wage growth and it's very good because puts in place the possibly of a virts you economic cycle, where companies do well which they've been doing, and that translate into higher wages which then increases spending which is also good for the companies. on top of that the weak yen then

increases foreign earnings as well as inbound tourism. it's all very good for japan but on top of that the most important thing, i think, is the action of the tokyo stock exchange and the regulators in promoting better corporate governance. we've seen a huge impact finally after nine years of efforts in terms of returns on companies that have seen activists become involved and their response in increasing shareholder returns. it's just a good time, i think, to seriously be up in yap -- upping japanese exposure. haidi: if you look at how long it's taken japan, does that mean it's a few years yet for korea in terms of seeing those returns? belita: i think it's quite a while before korea sees results. they just started. they announced the corporate value up campaign which they're talking about launching

officially in may and then by december they're hoping to launch an e.t.f. that consists of companies that sign on to this value up strategy. but it's going to take a lot of time in. korea, lots of distortions in the market that have led to or encouraged companies to act poorly with shareholders. specifically rates are too high. it's -- often been better off for the entrepreneurs in japan who run the tables to just buy back stock instead of increase dividends. now one of the things being talked about is a better tax treatment for dividends. so that might very well encourage the entrepreneurs to pay themselves and minority shareholders through dividends. that's one thing that can happen. the thing is that the value up program currently is voluntary. and it needs to have some teeth. so it needs to be able to enforce these corporate governance improvements and have

some negative consequences for those who don't sign up. so we'll see how that goes. but it is early days. but it's hopeful. paul: you seem more enthusiastic about india, saying it desearves dedicated spot in a portfolio. what does that spot look like? does it have a particular allocation? buy and index fund or e.t.f.? belita: with regards to india we think it's the most bullish long-term but it's been on a tear. one change we've seen in the last few years is that the domestic investors used to not invest in the stock market but because of their sort of, you know, every -- the monthly savings programs is now contributed something like 21 or 22 billion last year and it keeps growing. those investors, interestingly, are buying small and mid cap stocks as opposed to large cap stocks. so whereas before we used to see

large cap stocks do much better, last year was a contrast to that trend. i think the small cap index was up something like 42% or 43 ct. mid cap about 36%. and the index was up about 12%. all in u.s. dollars. so it's not a bad idea right now to buy and index. but with that said, there's a lot of, you know, srt of not the best companies in the index, so i think the best thing to do is to find a good manager that can select the best stocks for an investor if the investor has access to such a facility. haidi: is china starting to turn the corner? some of the recent indicators might suggest a bit of optimism. do you see investable opportunities there? belita: china has gotten around by most measures. the problem with china has been and continues to be that it operates not so much according

to capitalist allocation of resources. and that's a big problem for us because we like to invest with entrepreneurs who -- whose interests are aligned with shareholders, minority shareholders. you don't have that anymore in china. you have a more and more centralized way of managing resources. and business activity in china. so it's a problem. so near-term you might see a rebound, i think, because it's cheap. because we're finally seeing some sort of pickup in production. but all the problems with china still remain which is that, you know, you still have the real estate problem. you still have a lot of tensions with the west in particular that is a problem because it's over capacity in china and it needs to export its goods. you have youth unemployment. the list goes on. we know what they are. i guess the most central problem is that there's a real loss of confidence. so it's unclear how they can get

a domestic growth, how they can get domestic growth going again when people refer to save rather than spend. so the government has to do more. they are things -- they are doing things but they have to do more. haidi: belita, always great to chat with you. we appreciate your time. taiwan's biggest chipmaker says it expects to resume production early on thursday after interruptions caused by the island's strongest earthquake in 25 years. o'tech firms are still assessing the damage from a quick that killed at least nine people, injured hundreds and toppled dozens of buildings. taiwan accounts for more than half of the global market for chips used in laptops, mother boards and network devices. you can get a roundup of stories you need to know in today's es edition of "daybreak." it's also available on mobile in the bloomberg anywhere app. you can customize your settings as well to just get news on the industries an assets you care

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haidi: walt disney share helders have anded bob iger a vote of confidence. crystal, in many respects going into this, it was expected to be

tough. what do we make of this result? crystal: so, i mean, retail investors is a big component in this because this stock has a wide appeal. it's over about 30% of the disney share holding. what it shows this time is that disney has again shown up for the management. for iger he had gotten 94% of the vote that was cast. and re-elected again to the board. i think it's a big vote of confidence but i think iger still has more to prove. he's bought himself some time though. paul: so what happens next for bob iger? what does he need to do to repay the faith of those investors? and what does it mean for succession plans because there's still really no clear heir apparent when he does go. crystal: succession was a big topic during this whole course of the proxy vote which lasted

months. and who was going to succeed ieger is a big question mark. over and over again we were told that it would likely be someone from the inside an unlikely to get someone external by li to be the new c.e.o. of disney. but succession is not the only thing in question here. other than succession, streaming and how it achieves profits, how the company apreves profitability when it comes to streaming is also a question. there are in the process of trying to kind of bundle things differently. there's sports, drama and a lot of content that needs to be -- that needs to be kind of redoab in terms of how they're streamed. also when it comes to investment in the theme parks disney is known for, they announced $60 billion of capital spending to plan for this. a lot of expectation will be on streaming, parks and whether ieger is able to pick his own successor.

haidi: that's crystal in new york with the latest on disney. anle is also top of mind for us this morning. said to be investigating a push into personal robotics after giving up plans to build its own electric vehicle. mark broke the story, what have you learned? mark: on our breaking news on apple, we have learned they have a project across its a.i. and hardware engineering teams to develop home personal robotics. two main projects they're looking at, one is a table top robot device that's essentially a giant ipad on a motorized robotic arm that. arm can move to match the head movements like a nod or turning your head of someone you're on a facetime call with so a more personalized type of telepresence or video conferencing device. one you may put in your kitchen or on your desk. the other is a home robot similar to the amazon astro, the

idea being this can follow you around. there are some grand human noid like pie in the sky ambitions that i don't anticipate to happen this decade. one example could be doing chores like qulierng dishes in the sink. but there are certainly lots of eyeballs and brains on robotics at apple right now. paul: so apple is looking around for the next big thing. is there consumer demand for a product like this? mark: right now it doesn't appear there's consumer demand for the product. people aren't necessarily clamoring for it. but i think it's become abundantly clear over the last few months that robotics will be a key space in the consumer technology industry. you've had elon musk and tesla talking about their robot. you've had new startups getting a lot of funding, billions of dollars invested in this

robotics space, in the human noid robotics space. when you're moving into an artificial intelligence, an a.i.-driven world you want hardware that you can blend with that a.i. software and that a.i. technology. and robotics in addition to self-driving cars that apple abandoned is really the ultimate hardware expression of a. inch. it does make sense for apple to at least pursue or investigate this direction. haidi: as you said, if some of this progresses they wouldn't be the first to market, with the amazon astro, for example. does apple still have the branding advantage? there are a lot of consumers out there who may not buy a device from any other brand who may consider it if it's apple. mark: certainly. the amazon astro has been an abject failure. amazon invested billions of dollars into that program. they started working on it, i believe, around 2016.

2017. finally came to market around the beginning of 2022 after being announced at the end of 2021. this product has not moved the needle. i quite frankly would not be surprised if their new hardware chief who joined amazon from microsoft a few months ago ends up killing that proj. they've tried repositioning it as a virtual security guard of sorts. for amazon it's been a failure. but if apple is able to eventually come out with a device that can clean your dishes, per se, i think that could certainly be a success. i for one would buy one if it could do the dishes for me. [laughter] paul: technology reporter, mark gurman. i have a dishwasher do, i need this? haidi: an apple dishwasher. paul: other stories we're follow, amazon is cutting hundreds of jobs in its cloud computing division. it will affect sales and marketing technologies and the

team developing technology for brick and mortar stores. amazon says they'll try to find new roles for those affected. these lay-ups come months of a.w.s. held its largest round of layoffs. redstone is said to be in a deal to sell his shares to elson. national amusements holds a near 80% voting stake in paramount. sources say spotify plans to raise the price of its audio service in several key marks for the second time in a year and add new subscription tiers. they told bloomberg the hikes will come by the end of april for markets including the u.k., australia and pakistan. spotify is planning to raise prices in the u.s. later on this year. the hikes will help cover the cost of audiobooks, a popular new service. plenty more to come on daybreak australia. this is bloomberg.

paul: the c.i.o. of t. rowe price said the fed risks losing credibility if it cuts rates too soon. they said early easing could trigger a repeeft the 1970's when the central fed took its foot off the brake before inflation was fully tamed. >> one of the things that stands out to me if you go back to what powell said early on, he's a student of what happened in the 1970's. if you look at the mistake made then, cutting too early. if you map the c.p.i. to the very beginning of this cycle versus the last, it's following a similar curve. if they go ahead and start cutting now i think they're in danger of making the same mistake. >> do you think that's the biggest risk, cutting too soon? >> i do. >> what would that mean for bull

markets? >> you'd see the spike up and then you'd have to react to that on a way that would put them on their back foot and you'd have a big issue for that. >> i want to challenge one thing you said which is powell is a student of the 1970's? is he really? he sounds like the most -- he wants to cut rates and people think that's the reason to buy stocks are. you saying they have it wrong? >> no, i do think he's a student of history. he has to keep that group, find the middle ground between that group and present it in a way that presents consensus broadly within that committee and balance out the other speakers. so i think he's very much trying to do that right now. but again i think as you look at the next several months, the idea of cutting when we're where we are from an economic perspective doesn't, i think, make a ton of sense right now. >> which raises this question. if you do think this inflation is stickier and you think the risk of 1970's scenario is great

earn a the risk of some sort of unforeseen downturn, do you just buy commodities, buy storks avoid bonds at all costs because it's not clear that they have the conviction to make the right call and not have a policy error? >> i wouldn't go that extreme. as we have unfortunately, or fortunately, said we're right now in our asset allocation committee we're dramatically neutral is the phrase we've been use, between stocks and bonds. which is not the most exciting fodder for the media. but that's where we are. i do think commodities are interesting. we are, within our equity po

>> norway's so far religion wealth fund is raising second

timal concerns with rio tinto over a mine in brazil. questions about the mine's future role as an investor in the company and paul joins us now. paul, tell us about the concerns over this mine. paul: the concerns aren't new. they've been around for quite some time. deforestation, rehabilitation are at the core of this conversation and of course are other environmental socio-concerns, what's happening with the population around this mine and water quality. >> why are they doing this now? >> well, i think one of the key points to raise here is that it's rather unclear. noga bank has a huge environmental focus and it's a bit of an investor. if you look at their website they say as we are a small size

of the world's largest companies, we have the ability to influence how they operate. so very much an investor approach. this is coming from a 12 . 25 so far religion wealth funds so it does raise some questions. rio has been working to improve its reputation since 2020 when it had a major incident in western australia at an iron ore mine and blew up an original caves. that resulted in the resignation of the c.e.o., jacques back in to be 20. they then appointed an

aboriginal minister to its boards. so it's worked hard to reestablish its standing in the mining world and in the investment world. >> is there a warning here, and imply -- imp my occasions for other mining companies as well? >> i think so. it's a 2.6% stake, the fifth largest share holder in ri oh, and investments worth approximately 2.7 billion. it's a shot across the bow. this has just been a letter so far so they haven't withdrawn their investment yet but they've threatened to. another joint venture is afs listed south 32 and the bank

still holds a share in that too. i did just get a statement from rio tinto in the last five minutes. they say while the n.r.n. operation is not managed by rio tinto it has been working to aggressively improve to meet best practice and expectations as a shareholder. that's just in from rio tinto. >> paul-alain hunt there. australian gold and silver mining. it's pretty much a who's who of the material space, especially in gold. doing 1.%. so we had the gold price topping at 2300. a silver price hovering at 2700 for the u.s. we haven't seen these in a

couple of years either. gold pushing higher with j. powell really holding the line on potential rate cuts from the fed going forward. >> taking a look at politics, which is, of course, befitting to what we're seeing among some commodities prices but we've heard from u.s. treasure secretary janet yellen. she's pored money into sectors into e.v.'s and batteries. this coming as she makes the second visit to china in nine months. partly to press her counterparts in beijing on the build-up of overcapacity. telling them that the two nations have gone too long without communication. >> it's important to both of us that we don't want to decouple our economies.

we want to continue and we think we both benefit from trade investment but that it needs to be on the local playing field. >> of course, ships are also an ongoing battleground and the u.s. looks to thwart china's ambitions. a plan to spend nearly $4 billion to build its first chip plant. tell us about the significance of this investment? >> sure. s.k. hynix just announced investing almost $4 billion in the state of indiana. this is a big win for the biden administration, which has been trying to build a semiconductor supply chain on the american soil. s.k. hynix is a leader in the

high bandwidth memory commitment market, which has emerged as one of the most promising areas of the memory chip industry so this, while a lot of companies are investing in the u.s. right now in a bid to get grant and subsidies from the u.s. government, this is the first of its kind, that it will be the first h.b.m. manufacturing facility in the u.s. the m. of h.b.m. is used, obviously, to accelerate the a.i. production and hynix has been the main supplier of it in the past year and it has just announced that it will start producing and supplying the h.b.m. for e, which is the most vast of its kind to its

customers from the end of march. so we expect this to be sort of an interesting development in the u.s. paul: all right, so $4 billion to build this chip plant in indiana. is this the start or the end? >> i think it's the start. s.k. group chairman two years ago had a video conference call with president biden and during his call he said he plans to invest almost $30 billion, half of which will be pledged for the semiconductor industry, especially in the packaging and r and d center. we expect that amount to be increasing and what's interesting is that the company yesterday announced that it has applied for the chips financing

with the u.s. government so we expect that news to be coming out later. this follows a suit of sampson electronics which has pledged to nevis $17 billion in the u.s. in the state of texas and we have reported that samsung is likely to get more than $6 become in grant from the u.s. government. paul: asia technology senior report. still to come, disney shareholder and c.e.o. gave bob iger a big vote of confidence. rejecting nelson bid for a board seat. this is bloomberg. ♪

>> take a look at our trading in the other part of the aussie session. 0 minutes from the start of trading in japan and korea. we are seeing a rebound when it comes to australian stocks, tracking those gains we saw in the late part of the session for u.s. equities. jay powell reaffirming that the fed will likely cut rates this year. that is percolating to post ty -- positivity in this part of

the world. regis, on the back of another gold rally for gold as well as silver prices. kiwi stocks bucking the broader advance we're seeing across the region. singapore nikkei procedures looking like a pup put -- puppet at the moment, more of this record rally giving more of a helping hand for what has been a very bullish season. the spring rpast three decades,h this will stage a rival. let's get one of the movers we saw in the session. we saw disney and bob iger's big

win. shareholders elect all of the current nominees projecting the push for change. joining us is the director of c.r.a. it was going to be hard for nelson powell. what do you make of the result and what happens from here? >> i think everybody is a winner and what the proxy fight did is bring to light specific parts of the disney strategy. plans, timeline for all of their businesses. they were putting out over 100 slides about how thoughtful disney was about the future and the direction they have across all businesses. peltz will get a healthy return. the stock is up. up 50% from its lows since last november but there are still questions. one is execution because now

investors have financial targets for disney and second would be with this elected board, the succession plan with bob iger's contract ending in 2026. haidi: you talked about the gains we're seeing. by a straiter of estimates it looks overvalued by 15% to 20%. does that by extension mean that they're also backing the current valuationings as fair? >> that's what i did. as director of research in covering disney. march 25th we raised our target to 139. disney was a stock historically well above 200, 250 and getting the magic back is important. $7.5 billion in 20 4. $8 billion of cash flow.

and programs buyback stock. and also, the important target is not a if i thinker in the air saying we'll be profitable but saying we're going to get to 20% operating margins for streaming. some of the businesses are st theme parks. sports is a keeper, added gaming as well a gambling and the upside that eyeinger has is the entertainment part, which is i.m.f., broadcasting and streaming. 45% of revenue but only 8% of income. for someone like bob iger, that would be a lay-up. paul: let's talk more about disney+. you say that patience is running out. subscribers have been trickling away. there's been a series of critical nurse in terms of the big franchises. what's the answer here? do you feel disney has been delivering for itself core all

of a sudden? >> there's a -- audience? >> there's a couple of moving parts with streaming specifically. one is total subscribers, which was slowing down is getting rid of the disney+ hot star in india, which didn't make much of a contribution to revenue. it's not the kind of market that you're going to get hand so many monthly review knew. additionally, they've invested heavily in the last two years in a technology backbone so that they can begin to get better penetration outside of the u.s. in markets like australia and, of course, in asia, but that irons -- requires lots of investment in time so that you can have a network that will be as intelligence as netflix, which took over 10 years to do. likewise, broadcasting is seeing an accelerated decline. advertising is shifting to

streaming, but at the end of the day you have coming from the media industry, i see netflix and disney as the survivors against larger players like amazon prime video, youtube and others. paul: you mentioned a moment ago about bob iger. now apparently safe in the chair for a couple of years until that contract ends. disney is no stranger to questions around succession planning. is this the time to start grooming an heir apparent? >> i think there are four. they're running the major businesses or segments of disney. i won't mention the names but they're managing the parks so they're managing entertainment or sports. now, whether the board decides to go to the outfield because none of these may have the ability to have broader responsibilities, if we see later this year maybe one of

them promoted to president so they can get exposure to some of the other businesses. what i like, and i saw in my career is they have james golf -- gorman, executive chairman open morgan stanley on the disney board. he went through a much more difficult period of succession back in 2009 or 2010 and he's going to be a board member that bob iger is going to look to. i don't think bob iger wants to go past 20 6 but we brought lot to questions a a lot of investors had about implementing a plan, not just having one. now we're going to see disney results. haidi: how does this play out with future proxy battles?

does that mean we'll see boards programs invest more in these anti-activist responses? >> they're always there and i think -- the important thing that investors want and in this case with disney, 1/3 of the investors -- but the institutions want to stay transparent. they want to see a strategy that makes sense and also see results. bob iger is very capable to do that. i think when you look across entertainment, another one, it won't be a proxy battle but paramount is considering selling the company given that it's a small player in the changing world from linear networks to streaming. paul: ken leon, director at executive research. thank you so much for joining

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paul: well, in japan it's not just for the better weather and cherry blossoms brightenings investors' mood. history shows that this quarter is traditionally bullish for stocks. we bring in our correspondent from tokyo. tell us about this typical trend we typically see in japan. are we going to see it this year and what drives smith >> good morning, paul. so the japanese stocks -- this quarter but if you look at the historical tata, this quarter is actually the best and there could be many reasons for that. one possible reason is that foreign investors tend to buy japanese stocks in april and also that applies to japanese investors as well. the selling at the start of this quarter is thought to be basically stemming from profit taking by institutional japanese

investors but many players reveal their position at some stage and it's the start of their new financial year so traditionally they should have plenty of caps to invest. so basically, this april-june quarter seems to be the best time to buy japanese stocks and, of course, it's nice to see cherry blossoms but it's not just that. it's also probably more to do with the fact that it's the start of the new financial year. haidi: long-time investors are set to come back at this time. i'm sure they want to see cherry blossoms but probably also evidence of corporate governance reforms? >> exactly and that is what

makes in quarter especially interesting because people have been talking about corporate governance and there's been incremental progress but a lot of investors now expect companies to come up with more detailed plans on what capital efficiency improvement and this -- during this quarter, basically many japanese companies announce annual earnings and with that they are also likely to announce their capital plan. some companies might do that even ahead of official earnings. for example, one of the top five trading companies has just announced capital -- yesterday so it said it will target a payout ratio of 50%. share prices went up quite

sharply yesterday. investors are hoping that can be repeated during the season. that said, there is some caution in the market as well because the market has risen so much during the last quarter, the topics was -- topix was up more than 50% so we'll have to see if companies the -- meet the heightened expectations. haidi: take a look at our tracking when it comes to markets. just about an hour or so after the start of trading here in sydney. precious minerals and oil gains. about a half a per scent higher for the broader market. we have seen expectations that the session will have a positive

one for asian equities, picking up on the late gains we saw on wall street, taking some reassurance about powell's comments about rate cuts later this year. paul: we saw yields nudging lower. the aussie dollar was one of the main beneficiaries of that. about 6.5 cents u.s. commodities catching a bit. crude rising. opec reaffirmed its plan for production cuts and golds, 2,300 an ounce. market opens in tokyo next. this is bloomberg. ♪

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>> good morning, this is bloomberg -- >> this the bloomberg technology. >> this is the countdown to the close. >> welcome to "balance of power. this is bloomberg.

>> this is daybreak asia, counting down to asia's major market opens. the late rally we saw on wall street was a sigh of relief as we see the rebound taking hold. not saying much that was new but reassuring investors about the rate hike ahead. paul: he said we have to see that inflation come back within target and stainable the keyword there. haidi: interesting time for tokyo. we're also coming into this seasonal very interesting spring period for investors, long-term investors potentially setting up for more out performers. paul: we have the markets open in japan. what are we seeing here? haidi: