Q: With regards to Japan, despite the fact that the index is up now by about a percent, do you see the situation deteriorating since company after companies have been releasing lower forecasts, they also see stronger Yen eroding earning matters there?

A: It’s an interesting one because clearly that market is controlled by international investors. I think money is starting to flow back into and that’s helping. For us, I can see Japan still doing very well and its based on the housing market and if the housing market continue to correct and turn around like it has done then there will be great confidence in terms of plating money as well rather than just on deposit which the Japanese do and that could see a lot of money flowing into the markets.

We are still quite positive on Japan and indeed from international point of view; the Yen continues to strengthen as well.

Q: Are you bullish on commodities?

A: Yes we continue to be bullish on commodities and particularly agricultural which often is the key inflation factor and if one is going to try and hedge inflation which we have to do now because the 3% quoted so many times in different countries is not really there and it is coming in higher for sure. That’s one key way to actually continue to make gains about inflation.