Manny Roman

dollar.

And so there's a lot to do.

Now, we do that a lot in short term and longer term in terms of adding alpha, but all the time you can do this sort of transaction and sort of

mitigate your exposure or increase your exposure or have different risk profile.

Japan has an enormous amount of money to put to work and is a nation of savers.

The reason, the thing that I always say is you need to put your money somewhere.

And the reality is the U.S.

is the only place where you can actually put scale.

And when you want to think, for example, of the Australian problem, there was a whole delegation last week from the U.N.

from Australia.

They need to move capital away from Australia because they are a nation of savers and the Australian market is not big enough for them.

And so they need to pivot too.

Honestly, not really.

These things are very, very slow to move.

And the reality is people keep on saving in Japan.

And so it may just be that the marginal dollar goes into JGB, but the credit markets are very underdeveloped.

And if you want to buy, for example, single exposure, you're much better off going to the U.S.

So I think we were dollar underweighted.

We literally just queered off opposition.

We're still very much like emerging market currency.