David Westin: Over and above the experiences of individual Japanese company leaders and the experiences of Japanese workers, there's a larger cultural question. Whether the conservatism we've seen in Japanese markets and investors is imprinted or whether it has been the result of macroeconomic forces, which have changed.

Eiji Ueda of Apollo observed the back and forth between economics and culture during his years at Goldman Sachs and National Pension Fund GPIF. For 30 years or so, Japan has been perceived as sort of low risk, low return.

Eiji Ueda: Yes.

David Westin: As you say, cash is king.

Eiji Ueda: Yeah.

David Westin: And it's been thought maybe that's part of the Japanese culture. Is that not right? That Japanese are not inherently conservative?

Eiji Ueda: I don't think so, because when I started in my career, GDP was growing, you know, high single digit. And the 10 year yield was 6 percent. So I don't think this is the culture of things. People basically make a rational decision with the macro environment because the cash is the best assets to own compared to the others. And now things are different. So I think if people make a rational decision, economical rational decisions, I think people are open for various ideas. On the new finance space.

Marc Rowan: There's nothing like 3 percent inflation to get people to think differently. And we have our work cut out for us, as do some of the other large providers of private market investment opportunities. But this is about education. This is not about whether they will move. They are going to move. The Japanese institutions are moving. And so it's just a rate of change. And we're now we're seeing an inflection point in that rate of change spurred on by higher inflation.