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Speaker 1: Welcome to the Bloomberg Daybreak Asia podcast. I'm Doug Chrisner,

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Speaker 1: and today we'll take a deep dive into the reported

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Speaker 1: merger talks between Nissan and Honda. We'll be hearing from

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Speaker 1: Nissan's former chairman Carlos Gohn. But first we want to

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Speaker 1: take a look at the market landscape on this holiday

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Speaker 1: shortened trading week. Joining me now is Adam Cohones. He

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Speaker 1: is the chief investment officer at Winthrop Capital Management. Joining

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Speaker 1: from Indianapolis, Adam, It's always a pleasure. I guess the

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Speaker 1: big story last week was the change of heart on

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Speaker 1: the part of the Fed. Looks as though they are

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Speaker 1: only penciling in two rate cuts for the new year,

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Speaker 1: as opposed to their prior forecast of four. Did that

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Speaker 1: come as a big surprise to you?

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Speaker 2: For us, it did not.

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Speaker 3: We've been in the camp kind of on the lower

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Speaker 3: end of cuts pretty much all year long, and it's

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Speaker 3: really coming on the heels of the economic data just

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Speaker 3: isn't pointing to a reason for the Fed to move

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Speaker 3: towards stimulus. You know, when you're looking at kind of

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Speaker 3: that monetary stimulus idea, there's still enough fiscal stimulus to

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Speaker 3: keep the economy going, and that's represented the fact that

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Speaker 3: you know, inflation still is maintaining above that two percent target,

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Speaker 3: So that's obviously playing into it. And the labor market,

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Speaker 3: while has weakened throughout the summer, by no means is

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Speaker 3: it weak. So I think when you look at the

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Speaker 3: US economy, it's still relatively strong, and so that just

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Speaker 3: doesn't really create the narrative that the Fed would need

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Speaker 3: to have an aggressive easing cycle. So until that happens,

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Speaker 3: I think it's going to be a hard case for

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Speaker 3: them to cut more than you know, two or three

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Speaker 3: times next year.

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Speaker 1: It's been a very unusual situation for the bond market.

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Speaker 1: The Fed adopts a path of less aggressive easing. I

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Speaker 1: think back in September, right, so we have in that

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Speaker 1: period of time seventy five bases points in a higher

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Speaker 1: yield for the ten year. That seems a little counterintuitive.

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Speaker 1: How are you playing the bond market these days?

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Speaker 2: Well, you know, this whole last year was quite a

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Speaker 2: volatile year for.

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Speaker 3: Bonds, and it really came on, Like I said that,

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Speaker 3: that idea that you know, if you think back to

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Speaker 3: kind of this time last year, the beginning of twenty

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Speaker 3: twenty four, the expectation of rate cuts was quite significant.

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Speaker 3: I mean, at one point, you know, the markets were

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Speaker 3: pricing in seven cuts, maybe eight, and obviously we didn't

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Speaker 3: get that. So the bond market has continually tried to

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Speaker 3: front run Fed the Fed's decision and continually gotten it wrong.

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Speaker 3: And so I think that's why we've seen such a

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Speaker 3: whipsaw in interest rates, particularly on the long end, because

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Speaker 3: you know, as the FED and well, I guess really

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Speaker 3: comes down to as the data has proven that the

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Speaker 3: economy is stronger than I expected, that obviously kind of

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Speaker 3: lifts inflation, lifts growth, and so you would naturally see

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Speaker 3: real interest.

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Speaker 2: Rates be higher. And so I think that's kind of

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Speaker 2: what's playing through. At the end of the day. Though

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Speaker 2: we still really like bonds right now, even.

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Speaker 3: Though there's a little bit of a heightened volatility. We

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Speaker 3: do see this as a point in time. We don't

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Speaker 3: know how long it's going to last. But I continue

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Speaker 3: to use the phrase, this is the most asymmetric you

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Speaker 3: risk to reward investment you can kind of have right now,

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Speaker 3: where the risk of rates going much higher is fairly low.

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Speaker 3: And so your other two scenarios are the rates kind

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Speaker 3: of stay in this choppy frontier that it's in between

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Speaker 3: four four and a half, and I'm happy to clip

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Speaker 3: that coupon. And then if we do see rates come

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Speaker 3: down and I get that price appreciation of bonds, and

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Speaker 3: you know that's the other scenario. So two out of

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Speaker 3: three scenarios, I feel really confident in that that's a

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Speaker 3: good strategy as an anchor for a portfolio. And like

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Speaker 3: I said that, the probability of interest rates going much

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Speaker 3: higher from here and you know that deteriorating my bond

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Speaker 3: position is fairly low right now. So that is why

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Speaker 3: is one of our highest eviction trades.

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Speaker 1: So, Adam, I'm wondering whether there is some sort of

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Speaker 1: risk about the economic policies that we're going to be

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Speaker 1: getting from the Trump administration will prove to be inflationary,

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Speaker 1: and whether that's a concern. Last week, FED Chair Powell

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Speaker 1: seem to suggest some on the FED maybe are a

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Speaker 1: little concerned about that, although last week we heard from

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Speaker 1: the head of the San Francisco Fed, Mary Daily, and

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Speaker 1: she told us no, the data will determine FED policy.

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Speaker 1: But for the sake of argument, let's assume inflation does

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Speaker 1: prove more stubborn and the FED adopts a strategy of

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Speaker 1: keeping rates on hold for a while. If that becomes

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Speaker 1: kind of a persistent notion, is there the risk then

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Speaker 1: that the next move on the part of the Fed

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Speaker 1: becomes a rate hike.

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Speaker 3: Well, I think a hike is a very low probability,

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Speaker 3: but it continued pause, I think is a growing possibility.

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Speaker 3: And I think you hit the nail on the head

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Speaker 3: here is that the FED and I think investors in

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Speaker 3: general should kind of move slowly right now, because while

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Speaker 3: we do know what a Trump presidency looks like, we've

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Speaker 3: been here before, there are some unknowns right now and

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Speaker 3: kind of how those policy changes will affect the economy

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Speaker 3: and then therefore the market. And so yes, I think

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Speaker 3: it does make sense that the FED would ease back,

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Speaker 3: slow down, and because the last thing is it's actually

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Speaker 3: more detrimental if they were to cut aggressively and then

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Speaker 3: because policy leads to inflation, then have to change their

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Speaker 3: policy and increase interest rates suddenly. So I think the

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Speaker 3: idea of kind of pausing, moving slowly assessing what kind

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Speaker 3: of inflationary pressures the you know, the fiscal side has

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Speaker 3: on the economy is a smart move. And I think

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Speaker 3: that is kind of the unknown I don't think it's

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Speaker 3: going to be a story where we're going to see

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Speaker 3: significant inflation. I think that there are a lot of

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Speaker 3: offsets when we talk about tariffs, and to say that

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Speaker 3: that's necessarily going to just be outright inflationary. At the

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Speaker 3: end of the day, consumers have to make choices, and consumers,

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Speaker 3: you know, they are somewhat tapped out when you look

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Speaker 3: at credit card usage and other metrics. If we did

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Speaker 3: see higher prices because of tariffs, I don't think that

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Speaker 3: means that they're necessarily going to.

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Speaker 2: Keep spending at that high rate.

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Speaker 3: I think you're probably going to see is that's going

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Speaker 3: to lead to the economy starting to roll over, where

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Speaker 3: consumers then have to start making decisions to not spend,

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Speaker 3: and so that might be the real effect of terrorists

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Speaker 3: rather than inflation. But all of that's you know, it's

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Speaker 3: too soon to tell, and really we don't even know

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Speaker 3: what the policies are going to be. We're speculating on

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Speaker 3: all of it. So that's when it makes sense to

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Speaker 3: just move slow.

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Speaker 1: Fair point, although we do know a little bit, maybe

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Speaker 1: there is less in the way of regulation, maybe there

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Speaker 1: are lower taxes, and maybe tariffs come to be I

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Speaker 1: don't know whether that's a negotiating strategy or not. We'll

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Speaker 1: have to wait and see. To your point, there's a

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Speaker 1: lot that we don't know. One of the things that

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Speaker 1: we do know is that twenty twenty four has been

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Speaker 1: a phenomenal year for megacap tech. I think the Nasdaq

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Speaker 1: one hundred is up more than twenty six percent so

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Speaker 1: far this year. We don't have that many days left

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Speaker 1: in twenty twenty four, and so far as trading is concerned,

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Speaker 1: if you kind of look into the crystal ball for

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Speaker 1: twenty twenty five, will tech still be kind of a

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Speaker 1: predominant category?

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Speaker 3: I do, and my crystal ball I'm speculating. I think

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Speaker 3: that tech will continue to do fairly well in the

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Speaker 3: first half of twenty twenty five. I think the momentum

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Speaker 3: carries them through the narrative around AI. We're still seeing

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Speaker 3: some positivity with breakthroughs there. I think that momentum continues.

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Speaker 3: What worries means the back half of twenty five and

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Speaker 3: not trying to time that in any way, so I

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Speaker 3: am more moving more defensively in the space, but I

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Speaker 3: do think it will, at least.

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Speaker 2: I said, in the front half of the year.

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Speaker 3: I think we continue this momentum, I don't see anything

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Speaker 3: getting in its way in the near term. It's really

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Speaker 3: the kind of beyond that scope that I can see

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Speaker 3: that gives me a little bit of worry and pause.

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Speaker 1: How are you viewing markets outside the US right now?

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Speaker 1: Are there opportunities offshore?

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Speaker 3: To be honest with you, it is one of the

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Speaker 3: most difficult times for me to invest outside of the US.

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Speaker 3: And it's not because I don't want to. I like

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Speaker 3: the India China story. I think that there are opportunities

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Speaker 3: to be had there at some point. But for me,

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Speaker 3: one of the biggest things that I watch is the

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Speaker 3: Dollar Index. The Dixie is my main metric there and

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Speaker 3: one hundred on that index is kind of my line

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Speaker 3: in the sand. And the dollar has remained really strong.

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Speaker 3: I think we're one of six one o seven on

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Speaker 3: that index right now, and as long as it remains

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Speaker 3: above one hundred, it just makes it difficult for me

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Speaker 3: to want to invest abroad because of all the reasons

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Speaker 3: that come from that strong dollar. To weigh down that,

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Speaker 3: you know, the pay repayment of debt and whatnot, It

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Speaker 3: just it makes it difficult. So I think until us

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Speaker 3: to see the dollar week in a little bit against

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Speaker 3: some of those currencies, which I think that's going to

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Speaker 3: be a difficult thing to do in itself.

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Speaker 2: And then obviously we have these terrorists to worry about.

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Speaker 3: I think I've just kind of kind of stay on

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Speaker 3: the sidelines and wait until the right opportunity. I'm okay

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Speaker 3: being late to that party rather than you know, just

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Speaker 3: jumping in and feeling a lot of pain.

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Speaker 1: So if you're fairly positive on the first six months

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Speaker 1: or so of twenty twenty five, what might precipitate a

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Speaker 1: little bit of corrective behavior? If the equity market does

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Speaker 1: remain fairly strong, is there something that you see on

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Speaker 1: the horizon that could create some weakness.

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Speaker 3: Well, I think it comes down to the consumer, and

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Speaker 3: that's been what's helped the markets the economy stay very

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Speaker 3: resilient here in the US is that the consumer's ability

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Speaker 3: to spend has continued.

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Speaker 2: To be strong.

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Speaker 3: And I think a lot of that is what I

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Speaker 3: just mentioned is we've obviously seen some level inflation on

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Speaker 3: the wage side as well.

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Speaker 2: That's sticky, and those goods that we.

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Speaker 3: Have been buying, you know, abroad, at a cheaper it's

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Speaker 3: even cheaper when the US dollar a is strong right.

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Speaker 3: So I think that's what's been the untold story of

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Speaker 3: why the consumers remained quite resilient. And so I think

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Speaker 3: the flip side of that is if tariffs do start

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Speaker 3: to clamp down on okay, US consumers just it is

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Speaker 3: more expensive to purchase and so therefore they just don't

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Speaker 3: that would obviously slow the economy. And I think if

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Speaker 3: we start to see that, I think we are kind

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Speaker 3: of a little bit of a tinderbox right now where

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Speaker 3: it wouldn't take.

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Speaker 2: Much to break it.

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Speaker 3: And so that's my worry is that the consumer is

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Speaker 3: that that's that kind of final straw, and we start

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Speaker 3: to see employment deteriorate further, that's what would be the

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Speaker 3: catalyst for markets and volatility to go awrye in the

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Speaker 3: back half of twenty five.

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Speaker 1: Adam will leave it there. It's always a pleasure. Wishing

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Speaker 1: you the best for the holidays. Adam Koons is the

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Speaker 1: chief investment officer at Winthrop Capital Management, joining from Indianapolis

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Speaker 1: here on the Bloomberg Daybreak AS podcast. Welcome back to

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Speaker 1: the Bloomberg Daybreak Asia podcast. I'm Doug Chrisner. Nissan and

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Speaker 1: Honda are working on a merger that would create a

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Speaker 1: rival to Toyota in Japan. The Japanese broadcaster NHK reports

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Speaker 1: the automakers are aiming to reach a final agreement in June. However,

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Speaker 1: the former chairman of Nissan is calling it a desperate move.

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Speaker 1: Carlos Goon says it reflects the panic mode at Nissan.

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Speaker 1: Goan was the architect of the Renault Nissan alliance some

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Speaker 1: twenty five years ago, and he is currently suing Nissan

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Speaker 1: for a billion dollars in a defamation suit following his

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Speaker 1: arrest in Japan in November twenty eighteen on charges of

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Speaker 1: financial misconduct, which he denies. After his arrest in Japan,

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Speaker 1: Goon escaped to Lebanon, and here he is speaking exclusively

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Speaker 1: with Bloomberg's Manis Cranny from Beirut.

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Speaker 4: Nissan Honda, Nissan Nissan going after Honda. Is this a

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Speaker 4: pragmatic deal, Carlos or a desperate roll of the dice?

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Speaker 5: Now, in my opinion, it's a desperate move. It's not

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Speaker 5: a pragmatic deal because, frankly, the synergies between the two companies.

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Speaker 6: Are difficult to find.

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Speaker 5: There is practically no complementarity between the two companies that

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Speaker 5: are on the same markets. They are the same products.

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Speaker 5: The brands are very very similar, so in a certain way,

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Speaker 5: from one side, Nissan, it's a desperate move to.

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Speaker 6: Try to find the future.

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Speaker 5: And from the other side, Honda, which if I understand

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Speaker 5: well that we're not very excited about this move, but

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Speaker 5: you know you have to count with METI in Japan.

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Speaker 5: That mean the Meki had a big had the big

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Speaker 5: say into it. So at the end of the day,

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Speaker 5: they're trying to figure out something that could marry the

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Speaker 5: short term problems of Nissan and the long term vision

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Speaker 5: of Honda.

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Speaker 4: Do you think Nissan is being put do you think

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Speaker 4: is being pushed into this deal by the Economy ministry?

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Speaker 4: There's politics pushing this deal Carus rather than the.

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Speaker 2: Value of the deal.

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Speaker 6: Without any doubt.

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Speaker 5: For me, that mean, having lived in Japan for so

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Speaker 5: many years, I understand how influence can the mad TV

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Speaker 5: and I can tell you that mean from all the

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Speaker 5: data that they received about the performance of Nissan, which

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Speaker 5: has been miserable for the last at least for the

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Speaker 5: last two to three years. They have cash problem, they

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Speaker 5: have investment problems. They're being really hammered in the United States.

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Speaker 5: They got practically out of Europe. They're being challenged in

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Speaker 5: China and there is no plan in front of it.

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Speaker 5: So I can tell you that means there is panic

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Speaker 5: mode inside Nissan.

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Speaker 2: Well, they're in panic mode.

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Speaker 4: And then it then push pushes the idea that there's

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Speaker 4: the economy Ministry, as you say, are and do whatever

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Speaker 4: it takes moment for Nissan.

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Speaker 5: Yeah, well there is in my opinion, there is no

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Speaker 5: industrial logic to it. But as you know, there is

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Speaker 5: a moment where you have to.

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Speaker 6: Choose between performance and control.

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Speaker 5: Obviously, if you can have both, it's the better, but

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Speaker 5: there are moments where you have to choose, and without

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Speaker 5: any doubt, with the Meki and everything I know from it,

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Speaker 5: they prefer control on performance. So they pushed Honda into

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Speaker 5: the deal without any doubt.

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Speaker 4: Well, with that in mind, then Carlos, what kind of backstops?

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Speaker 4: I mean, you've dealt with the Japanese, You've dealt with Nissan.

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Speaker 4: You understand that the metrics to get these organizations together.

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Speaker 4: Is the government going to have to deliver backstops to

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Speaker 4: Honda to make this deal work?

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Speaker 2: No?

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Speaker 5: I think that they in a certain way try to

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Speaker 5: push Honda onto this deal. Obviously Honda must have some

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Speaker 5: kind of benefit out of it, if not on the

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Speaker 5: short term, at least on the mid and the long term,

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Speaker 5: but that will be closely monitored to make sure that

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Speaker 5: the impact on the Japanese society is not going to

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Speaker 5: be too big, because you know, when you have to

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Speaker 5: companies of this size and practically in the same market

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Speaker 5: with practically the same strengths and the same weaknesses, uh

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Speaker 5: the they're gonna be a lot of costs to be

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Speaker 5: taken out, and they're gonna be a lot of duplication

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Speaker 5: to be taken out. So this is gonna be closely

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Speaker 5: monitored by the By the met you dited.

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Speaker 4: The synergies are there, though.

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Speaker 5: Well, I can tell you that, I mean it's it's

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Speaker 5: on the short term. I don't see too much synergy.

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Speaker 5: Obviously you go to the classical one, which is purchasing

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Speaker 5: together to try to leverage a better scale. But this

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Speaker 5: is something that Nissan has done with Renal successfully into

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Speaker 5: the in the past, except that at this moment it's

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Speaker 5: really concentrated in Japan. It's a it's three Japanese company

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Speaker 5: which have very similar products. The image of the brand

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Speaker 5: are not very different from one to the other. I'm

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Speaker 5: including Mitsubishi into into it, So it's gonna be very tough,

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Speaker 5: but the long term they can save on future investment

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Speaker 5: by doing the investment one time in technology, doing it

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Speaker 5: one time and sharing it with three companies.

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Speaker 4: Let's just press a little bit more on this. It's

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Speaker 4: going to be tough, as you say, to get the synergies.

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Speaker 4: Is it's driven by the Ministry of Economy. So there's

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Speaker 4: a political dynamic to this.

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Speaker 2: Is this japan.

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Speaker 4: Creating putting two companies together to really try and stand

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Speaker 4: up to the competition from China? Is that part of

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Speaker 4: the narrative here.

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Speaker 5: Callers, without any doubt, it makes a lot of logic.

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Speaker 5: Today the Chinese auto maker are on the winning side.

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Speaker 5: They are they became, as you know, the largest exporter

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Speaker 5: of cars, they are the largest maker of ev they

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Speaker 5: are being successful in a lot of new technology. They're

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Speaker 5: doing fine cars. So in a certain way, yes, it's

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Speaker 5: a defensive mode. It's a defensive mode that's going to

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Speaker 5: be trying to shore up the Japanese industry and avoiding

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Speaker 5: a cataclysm, first social cataclysm in in Japan and particularly

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Speaker 5: to try to reinforce uh these companies on the on

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Speaker 5: the foreign markets.

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Speaker 4: Fox Corn have put on paused their interest in participating

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Speaker 4: in the steel car lost. They had a meeting with Reno.

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Speaker 4: It obviously didn't go according to what they wanted. Is

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Speaker 4: there only a japan solution for this? Is there only

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Speaker 4: a Japanese savior for Nissan in your view?

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Speaker 5: I don't see him for the moment, obviously, in the

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Speaker 5: in the team existing today at Nissan. Usually you can

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Speaker 5: measure the team by the results they get. You know,

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Speaker 5: that's the only way you know if somebody is capable

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Speaker 5: of doing something. Frankly, when you look at the last

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Speaker 5: five years, the results are not a good testimony of

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Speaker 5: the strengths of the of the team. Will there be

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Speaker 5: a savior?

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Speaker 6: I don't know.

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Speaker 5: I know how tough it is going to be because

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Speaker 5: you need to understand that Honda is an engineering organization.

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Speaker 6: It's it's very strong.

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Speaker 5: In engineering, and Nissan is very proud of its own engineering.

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Speaker 5: So the battles here to try to decide what technology

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Speaker 5: is going to be adopted by the new company or

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Speaker 5: by if it's a merger, or by the new alliance.

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Speaker 5: I can tell you it's going to be very tough.

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Speaker 5: I've been dealing with this for many years. I remember

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Speaker 5: when we took control of Mitsubishi. Mitsubishi was not afraid

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Speaker 5: of the collaboration with Renal. They were afraid of the

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Speaker 5: collaboration of Nissan because they know how tough it's going

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Speaker 5: to be when engineers meet together, and there is this

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Speaker 5: pride of my solution is the best solution, which always

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Speaker 5: is an obstacle to develop serious synergy for the future.

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Speaker 4: Well, of course you're going to have cultural issues when

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Speaker 4: it comes in the two Japanese firms. I think the

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Speaker 4: point I was trying to get to Carlos was do

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Speaker 4: you see the only solution being a Japanese to Japanese

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Speaker 4: merger or joint venture. Do you see any possibility of

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Speaker 4: an overseas company like Fox cont being allied into the

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Speaker 4: line into this house.

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Speaker 5: Well, the approach, of course Fox Conne when I heard

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Speaker 5: about it was very interesting because it is something innovative.

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Speaker 5: It is something that would have put Nissan in a

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Speaker 5: completely different.

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Speaker 6: Path.

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Speaker 5: But the fact that you're telling me now that they

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Speaker 5: are posing on it, they are very realistic people. They

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Speaker 5: know they cannot do it against the will of the

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Speaker 5: government of Japan and particularly of the METI. And now

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Speaker 5: you need to know also that in Renau, the French

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Speaker 5: State has a big say because they are a very

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Speaker 5: influent shareholder in Renault, and I'm sure that the decision

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Speaker 5: of pose is coming from the fact that they know

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Speaker 5: the met is not very favorable and probably the French

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Speaker 5: government doesn't want to upset the Japanese.

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Speaker 6: I've been a witness.

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Speaker 5: Of how much the French government is pending backward to

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Speaker 5: please the Japanese in the past.

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Speaker 6: Unfortunately.

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Speaker 4: Look, I know that there's ongoing issues between yourself, the

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Speaker 4: Japanese and the French, et cetera.

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Speaker 2: But you have a ring sight see at many of

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Speaker 2: those meetings.

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Speaker 4: Is this, briefly before we talk about the global auto industry, Carlos,

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Speaker 4: is this Renos moment to exit? Do you think that

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Speaker 4: that's what they hope for or do you think they

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Speaker 4: really do want an equity participation?

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Speaker 5: Oh no, no, no, I mean this alliance has been

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Speaker 5: you know, since twenty twenty. It's not surprise. I told

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Speaker 5: you that the alliance is a zombie. It's an appearance

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Speaker 5: of an alliance. There is an appearance of a collaboration,

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Speaker 5: but there was practically no collaboration at all.

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Speaker 6: I think what Renald after having.

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Speaker 5: The benediction of the Blessing of the French government is

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Speaker 5: trying to maximize its asset inside Nissan, that trying to

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Speaker 5: get the most money out of their share. But that will,

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Speaker 5: in my opinion, that would sell. That would sell to

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Speaker 5: Honda without any doubt.

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Speaker 4: Carlus, let's just broaden the conversation a little bit. You've

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Speaker 4: lived and breathed this industry. You've seen the evil of

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Speaker 4: the Chinese electric vehicle market, the strength of the auto

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Speaker 4: industry in China become. Are you surprised about how strong

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Speaker 4: they become so quickly?

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Speaker 5: No, not at all, you know, frankly, I've seen the

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Speaker 5: signs of it when we entered China. When I was

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Speaker 5: heading Nissan, and we entered China in two thousand and three,

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Speaker 5: and we start building our plans and organizing the engineering.

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Speaker 5: In a very short period of time, I would say

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Speaker 5: seven or eight years after we built the plants in China,

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Speaker 5: the Chinese plans were at the top of the ranking

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Speaker 5: from all our plans. I mean, we were comparing the productivity,

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Speaker 5: the quality, the time to market of the Chinese plan

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Speaker 5: compared to the Japanese plan, or to the US plans

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Speaker 5: or European plans, and the Chinese came to number one.

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Speaker 5: It's a very disciplined workforce. They are very, very eager

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Speaker 5: to compete into this industry. So I think this industry

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Speaker 5: in the next twenty years going to have to deal

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Speaker 5: with the Chinese talent and the Chinese Noha.

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Speaker 4: Well colors, you were known as tabs Man. I think

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Speaker 4: you were the voice of free trade. Every January. The

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Speaker 4: world is bracing for our next round of trade disruption

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Speaker 4: from Donald Trump. Every CEO of an other company out

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Speaker 4: there probably has their own personal thoughts, but they probably

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Speaker 4: can't really express them.

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Speaker 3: You can.

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Speaker 4: You're free now as the auto CEO's lineup, What can

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Speaker 4: they not say?

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Speaker 2: What do you think they're thinking? But they can't say.

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Speaker 5: Look, I mean this is an industry which is by

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Speaker 5: the definition and global industry. You can survive as an

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Speaker 5: automaker if you are restricted from accessing any market in

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Speaker 5: the world. Size matters, investments are huge, economy of scale

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Speaker 5: are extremely important. So this industry is living on globalism

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Speaker 5: and globalization. So I think it's very bad news for

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Speaker 5: all the automakers to know that they're going to be

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Speaker 5: and they're going to be obstacles for them to be

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Speaker 5: present in all the market. This will translate into a

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Speaker 5: lot of them having problems and certainly a higher price.

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Speaker 6: For car in all the markets.

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Speaker 1: And that was Carlos Gohn, former chairman of both Nissan

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Speaker 1: and Mitsubishi Motors, speaking exclusively with Bloomberg's manis Granny. Thanks

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Speaker 1: for listening to today's episode of the Bloomberg Daybreak Asia

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Speaker 1: Edition podcast. Each weekday, we look at the story shaping markets, finance,

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Speaker 1: and geopolitics in the Asia Pacific. You can find us

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00:23:35,640 --> 00:23:39,720
Speaker 1: on Apple, Spotify, the Bloomberg Podcast YouTube channel, or anywhere

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00:23:39,760 --> 00:23:42,760
Speaker 1: else you listen. Join us again tomorrow for insight on

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Speaker 1: the market moves from Hong Kong to Singapore and Australia.

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Speaker 1: I'm Doug Chrisner, and this is Bloomberg