richard we have a preoccupation the treasury curve segment inverting the volatility we continue to see in japan with the yen and jgb  s if we get a ceasefire does it remove some of the worry about recession or a policy misstep   i think we are already seeing some kind of movement come back easing in oil easing in some stress and tension but it looks to me in terms of ukraine that no one is going to believe vladimir putin they have believed him when he said he wasn  t going to invade they  re not going to believe him at all when he says he will pull back so there is a waitandsee with the relaxation of tension is a case  but we are in a major transition not only with ukraine but with economies bonds markets falling what is happening in japan big moves in the regular financial markets i think they will probably come through and be the things talked about in the second quarter haidi one of the things we are seeing is the breakdown of correlation between growth and bond yields how long do we see the rally into growth rotation sustained and is it unusual that as we have rising yields we see the correlation turning positive   we are looking at two different things in finance they like looking at relationships and how things correlated in the past it  s always difficult to say this time it  s different but to a certain extent it is some of these companies are extremely large now and can resist a lot of the traditional features we see in financial markets before so i think the correlations we see at the moment would probably not be surprising to see them diverge because we are in transition i was looking at chaos theory recently my personal feeling is probably for the next quarter or two equities will stay strong but it is based on the fact that bonds do not completely fall out of bed because if they do all bets are off shery what is the logic behind with the boj is doing now we have seen significant pressure on the japanese yen already and now they keep aggressively easing we have additional purchases at the moment what will it do to the overall picture   i think we are all scratching our heads it  s the kind of thing you might say if it  s not broken don  t fix it there is a policy decision not to have the yields raise too high but look at it was  but look at what is happening around the world positive bond rates in europe it will happen and it seems to me a little bit of the king canute story in terms of them trying to do something to fight the tide when maybe they shouldn  t and all they are doing is a little thing like my golf swing i think one thing and it goes another so they might end up in a situation where they are going to have to defend and that is just free money for traders it doesn  t seem sustainable shery especially when it does not seem to be helping to boost the equity markets the correlation between weaker yen and stronger stock market seems to have broken down during the pandemic in japan   right but i think we are getting to a situation where maybe some of these old relationships that held for so long are may be breaking down we have had along the time of extremely low interest rates and these things will confuse the issue i think the japanese market has not done badly along with other equity markets in a situation that is basically the four horsemen of