Jeffrey Gundlach, chief executive of DoubleLine Capital, said on CNBC television on Wednesday that he has been selectively shorting shares in some restaurants, airlines and retailers.

He said economic growth has been sub-par and that will continue to be reflected in certain names in the Standard & Poor’s 500 Index. “When the next recession comes — and it will — all those categories are going to get killed,” Gundlach added in a follow-up interview with Reuters.

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Gundlach said on CNBC that the latest move on Wednesday by the Bank of Japan, which introduced a target for 10-year interest rates in its latest bid to restart economic growth, shows BoJ officials have given up on negative interest rates.

Gundlach, who oversees more than $100 billion at Los Angeles-based DoubleLine, said BoJ officials have moved away from negative interest rates as they harm banking systems.

“When you see pivots like this, that means something else is coming,” Gundlach said, noting the possibility of fiscal policy.