Terence, what does that mean for your portfolio positioning? Are you kind of negative on the long end of the JGB curve?

I think we have to unpack that a little bit.

So first of all, what determines the steepness of the curve? Of course, you have the liquidity side of things and the rate expectations in terms of hike and reduction of rates, which would, of course, be more sensitive towards the shorter end of the curve.

Whereas in the long end, of course, you have longer term inflation and growth expectations.

But increasingly for many of the economies globally in coal rate or in Asia Pacific market.

It really is about the fiscal picture and importantly, the credibility of the central bank and the government.

I think this is where Japan is a very interesting example.

Terence, for you, the opportunity and risk.

Terence, what does that mean for your portfolio positioning? Are you kind of negative on the long end of the JGB curve?

I think we have to unpack that a little bit.

So first of all, what determines the steepness of the curve? Of course, you have the liquidity side of things and the rate expectations in terms of hike and reduction of rates, which would, of course, be more sensitive towards the shorter end of the curve.

Whereas in the long end, of course, you have longer term inflation and growth expectations.

But increasingly for many of the economies globally in coal rate or in Asia Pacific market.

It really is about the fiscal picture and importantly, the credibility of the central bank and the government.

I think this is where Japan is a very interesting example.

Terence, for you, the opportunity and risk.