“Also, we're projecting VII to marginally increase each of the next two quarters as well, kind of similar to the trend that we saw here.”

In context

“akes as you're thinking about spreads going into next year, whether it's caps or sort of maturity of blocks or anything else or business coming out of end of period that would drive a shift in spread margins one way or the other? John McCallion: Hey Jimmy. It's John. Good morning. Yeah, as was alluded to in kind of the opening remarks and earlier is that we do have another quarter of 8 to 10 bps is what we forecasted. Like I said earlier, we thought we were going to have 8 to 10 this quarter, but interest rates were a bit higher than we had assumed at the time we were discussing this in the Q1, and we took advantage of that and a few different things we could do. So then the remainder -- most of the remaining interest rate cash roll off this quarter, and then you should see stabilization. Also, we're projecting VII to marginally increase each of the next two quarters as well, kind of similar to the trend that we saw here. So, that would be kind of the offset comment I'd make to you. And then you should see some stabilization in the Q4. In terms of beyond that, we'll wait for outlook to go through that information. Jimmy Bhullar: Okay. And then on competition in Japan, is it still rational? Or are you seeing any evidence of price reductions with the higher interest rates in that market? Lyndon Oliver: Look, I mean it is a competitive environment. But I would say it's rational. We always see a player get more aggressive once in a while, but we continue to maintain our pricing discipline and our focus on profitability. We've got a very diversified distribution platform. We've got a wide range of product set to both yen as well as U.S. dollar. We've got good investment origination capabilities along with stron”