Now, if oil holds above $80, where would the pressure emerge first? Is it margins? Is it consumption or equity valuations?

That's a great question, Justine.

I think, you know, we've seen this oil, heightened oil price volatility since February, March.

We've obviously drawn down a lot of inventories and the expectation, you know, we keep hearing about a deal that's coming, that there's going to be some kind of straight of our moves situation.

But I think The global marketplace is very innovative.

I think companies and even countries are figuring out ways to get their energy through different sources, through different avenues.

And if and when these straightforward moves does open, we do think it obviously will lead to the exact opposite of what you're asking me right now, but it will hit on the margin, the company's margins.

How dependent are growth stock valuations on renewed yield relief, Martin?

What will determine whether authorities need to step in again?

Well, investors are now of course testing the market, but I think they will be very, very careful.

I mean, you can bet against the Bank of Japan, and Mr. Bessant has won a, a, [laughs] a ton of money by doing that in his earlier career as a, as a, a hedge fund manager.

Uh, he still seems to have the mindset of a hedge fund manager because this entire operation is going into that direction, but on his mind clearly seems to be that there has been a significant change on the Japan side.

And, uh, what investors now need to see that, uh, what Mr.

Bent, uh, Bessant already sees is that there has a change of mindset.

And that requires that, uh, the Bank of Japan is increasing interest rates in September.

Okay, so Dr. Schulz, if the yen does strengthen from here, what would that mean for global investors that have exposure to Japanese equities, bonds, companies, and which sectors stand to benefit or perhaps even lose?

Now, if the BOJ does eventually tighten fast enough to meaningfully close the gap, how worried should investors be about a disorderly unwind or given what a much smaller move triggered in August 2024?

Yeah, now you are really touching the point here.

From an investor perspective, everybody knows that the yen is terribly undervalued.

So this creates a major risk.

This is still a very powerful economy that is on its external side.

When you look at exports heavily being invested in, well, the digital manufacturing, in semiconductors with chemicals, with all sorts of machinery that is relevant.

So it has a strong line up in terms of its products.

Now, is the BOJ normalising policy into a suppressed inflation print? And what happens to its credibility when the subsidies roll off?

Mhm.

Und so wie ich die Sachsen-Anhaltiner kennengelernt habe, diesen Menschenschlag da, mag der Herr Siegmund zunächst mal ganz gut wirken auf Plakaten und wenn er so auftritt.

Aber da sind Leute da, bei denen die Zuschreibungen bei Herrn Schulze nicht so viel reden, aber sagen, was man tut, tun, was man sagt, am Ende auch zählen.

Und deshalb bin ich, das ist übrigens auch bei unserem Kandidat, dem Herrn Willingmann, der unser Spitzenkandidat ist, ja auch so.

Das sind jetzt vielleicht nicht so die alerten Jungs wie der Herr Siegmund, aber warten Sie mal ab.

Wahlkämpfer haben ihre eigenen Gesetze und ich sag das noch mal: Die wichtigste Umfrage ist die in der Wahlurne am Wahltag und da sind wir noch nicht.

Noch haben die nicht gewonnen.

[lacht] Botschaft angekommen.