what rate will that start impacting   it is good to be back things with the us to interest rates we have negative real rates and the fed really doesn  t have much of a choice given the increase in inflation the level of the rates they were able to keep rates very low to boost the economy during the pandemic but now that the economy is back to a normal state by their standards in terms of employment and with inflation as size that is there is no choice but to raise rate where will it go and how it will impact returns with even 10 year rates around 170 it is still very low those who invest in the stock market have had much better returns than that it will take a little while before it impacts activity here haslinda it has been quite it to mull to a start we have had rallies we have had slumps what are fundamentals telling us   i think that there has been talk about the divergence between the us and china in terms of monetary policy and there is a divergence they are at very different points in the monetary cycle with china  s problems with the property market the declining birth rates the ongoing tensions affecting supply chain and so on and so forth it was the right thing to decide to lower their rates they have put so much money in the system that it is time to remove your foot from the accelerator in terms of quantitative easing you know both countries are different places in the cycle and both are doing the responsible thing in terms of monetary policy to see how growth stabilizes in both countries before we try to figure out how far it will go in both cases rishaad let  s go to japan looking at your investment strategy the market has underperformed for years perhaps it is really down to fundamentals ultimately but you have a lot of corporate  s sitting on a lot of cash we were talking on out this on radio companies don  t need to do that much capex you have to identify those and how does that fit into how you look at stocks in japan   we are excited about what is ahead for japan we have already seen a change in the way that cash is deployed in japan when you look at stock buybacks they hit a record last year and they were up by something like 75 compared to the year before the numbers are still low compared to the us for instance with the enormous amount of cash on balance sheets and the cheapness of the japanese market more than half the companies trade below book cash is still coming in because the companies are quite profitable so we believe that come this may when the full financial results are released in japan we will see an ongoing increase in share buybacks and also an activist actions by investors and by other companies rishaad what industry groups do you look at here and ultimately a lot of this will be dictated by your view on the dollar and how that affects the yen another currencies so give us both views belita sure the dollar is strong because it is a haven for many investors particularly large countries with reserves at this point even though the shift is taking place there is no clear alternative to the dollar as a primary reserve currency the dollar stays strong in terms of uncertainty with regards to a successor reserve currency that takes decades possibly to form and it could be a collection of different alternatives including perhaps the yuan the euro maybe a nongovernmentbacked currency those changes take literally decades to take place i don  t see that the dollar  s position as reserve currency is threatened at this point with that position the us can still manage to keep its dollar strong and be able to maintain low interest rates as it has that puts it in an even stronger position haslinda i want to take a look at china you are underweight china but that is not to say some companies may still benefit from government policy how are you playing china belita there are very interesting companies in china to invest in those that help with decarbonization or securing the supply chain we have invested in some midsized companies that do things like produce components for tech companies or manage or produce power management chips we think those are very wellplaced to do well in the market