If you exclude Japan, yes. Obviously, a lot of concern remains over what will happen in Indonesia. But other than that I think the general view is that most of the troubled countries are implementing the policies that will turn them around in the coming years. People have calmed down a lot on Asia, with the exception of Indonesia where anything could happen. But we don't see them being forced to do so anytime soon.
Japan really is the principal risk in our mind to global equities.
If Japan were to go into a deep recession, it is so integrated with the world economy that it would cause waves around the globe. I think there is an interesting play going on in Europe. There are a couple of consequences of monetary union. First, we believe the European central bank in its early years will err on the side of restraint to prove to the markets that EMU is not tantamount to a weak German mark. But we also see an increasing number of mergers and acquisitions.