Tell us about that decision, what you took away from the press conference and the outlook for the Bank of Japan from here.

Yeah.

So the decision was fully priced going into the meeting.

So that's the first thing.

And they did deliver.

They delivered a 25 basis point hike.

They raised rates to 1.25%.

So Should politicization be something we're talking more about in the Bank of Japan context? Is that a worry or a threat to independence going forwards?

... and banking as well? Have you changed a view?

Um, we've actually taken a very long-term view, and we've- at the end of last year, we were very, uh, aware of a lot of the geopolitical risks that were ahead, so that would be very much in favor of a diversified portfolio.

So as we've seen, some of the safe havens, even though they were quite stretched, like gold and silver, they're still doing quite well in this backdrop, so we still ha- recommend hedging with those safe havens.

But also, if we think about the broader...

We were just talking about TSMC earlier.

Um, if we think about the broader AI story, one of the recommendations we're making is that looking beyond the big tech names and looking towards broadening out that AI theme towards other regions and perhaps towards real assets, for example, the, the AI-related infrastructure.

So I'd say that a lot has happened-

Yes, of course