Epstein Secrets

heast and Ea=t Asia. China has claimed pretty much the whole South China Sea, though it= coastline is farther from much of it than that of Vietnam, Malaysia or the Philippines. It has sent planes and =hips to challenge Japan over a few rocky outcroppings that Japan calls the=Senkakus and China the Diaoyu

ury, maybe it's because new leaders in every key countr= are second- or third- generation, bearing the burdens of their past. Japan=se Prime Minister Shinzo Abe is the grandson of a leader of imperial Japan—including in occupied China — who remade=himself as a pro-American prime minister after World War II.

ens of their past. Japan=se Prime Minister Shinzo Abe is the grandson of a leader of imperial Japan—in

rdan, Turkey, the Emirates, and even in an odd way, Saudi Arabia, some of the other Gulf states, and the eastern Muslims, especially Indonesia and Malaysia, have shown some aptitude for self-governance and economic growth. But for better or worse, almost none of the Muslim world seems susceptible to us

o the spiral of action and reaction continues, with no opportunity in sight for both sides to hit the reset button. Fast-forward to Prime Minister Shinzo Abe's December visit to the Yasukuni Shrine, which in part honors Class A Japanese war criminals. Fresh fuel was thrown onto a fire that needed little

et button. Fast-forward to Prime Minister Shinzo Abe's December visit to the Yasukuni Shrine, which i

n. As within DM, we see a lot of divergences within EM and prefer to focus on under-owned markets with good domestic demand story such as Mexico and Malaysia. On the contrary we underweight export oriented countries in Asia such as Korea and Taiwan. Credit • Spread moves were mixed this week, as local t

ascendency of China as the pre-eminent power in Asia is likely the main factor that is suddenly motivating Japan to try and reflate its economy. PM Abe has made it clear he has the will and determination to act. And his majority EFTA00628225 in the lower house and likely this summer also in the up

urges EU to protect itself against China imports FT • Heathrow ready for U-turn over more flights FT • Top hedge funds bet on Greek banks FT • Malaysia to unleash up to $2.6bn in IPOs FT • Rivals brace for Alibaba push into overseas markets FT • Sennheiser fights fake electronic goods FT • Stuc

Silver -0.35% Asian markets are mixed with Japan once again outperforming, as the JPY continued to decline on back of the G7's tacit endorsement of Abe's policy. After a strong morning session, the Nikkei struggled to trade higher in the PM, following a similar pattern that we have seen for the four

- 8.47 8.49 8.54 Source: Datastream, Reuters, Bloomberg Finance LP, DB forecasts Hungary Indonesia IDR/USD 9,686 9,950 9,900 9,850 (Fwd. Rates) Malaysia MYR/USD 3.10 3.07 3.05 3.02 (Fwd. Rates) 3.12 3.13 3.16 Philippines PHP/USD 40.7 40.4 39.9 39.3 (Fwd. Rates) 40.7 40.7 40.8 Singapore SGD/USD 1

ency markets are no longer reacting as strongly to such measures. Instead, other central banks are catching up to Fed easing, such as the BoJ since Abe's election (or even earlier the SNB in 2011), are having a distinctly bigger a more negative impact on their currencies over the dollar. Finally,

ra. The yen has fallen markedly; competitor nations such as Korea have seen their currencies weaken, while suppliers to Japan such as Thailand and Malaysia have seen their currencies strengthen. Through all of this the dollar has marched higher even with the market wavering over an early move to taper

nd ahead of the April '14 consumption tax hike)! Measures of progress will come over the summer, with investors able to gauge the reaction to: (i) Abe's grand deregulation and competition plan, to be unveiled midJune; (ii) the Tokyo metropolitan and Upper House elections, in June and July respect

6.5 5.7 4.5 6.0 4.9 j 4.5 4.5 5.0 5.5 4.5 4.3 3.9 4.6 Korea 3.6 2.2 3.01 1.1 02 15 2.51 4.0 4.5 4.5t 2.4 1.74 2.44 3.0 4 Malaysia 5.1 5.3 5.1 6.3 3.6 6,5 5.0 4.5 4.5 5.0 1.7 1.2 2.3 2.6 Philippines 3.8 6.4 4.8 5.0 52 43 t 4.5 4.9 t 5.3 t 5.3 t 2.9 2.3

llowed by EMU, with the new Washington compromise or Fed hawkishness more in the camp of shorter-term tactical games. • Starting in Japan, new PM Abe has strong convictions, incentives, and we believe the ability to push true fiscal stimulus financed by massive QE. Expectations of Japanese reflat

ising front, or in connection with, the document. Japan: JPMorgan Securities Japan Co., Ltd. is regulated by the Financial Services Agency in Japan. Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X) which is a Participating Organization of Bu

SILPS00 (mbased) 0011 AM. MM. YTD 1m 3m 12m Abe ri,4% 62% -7.6% 46.1% Rel -62% 6.1% -10.2%

rising from, or in connection with, the document. Japan: JPMorgan Securities Japan Co., Ltd. is regulated by the Financial Services Agency in Japan. Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X) which is a Participating Organization of Bu

- CAB slim pea g) - RTY porn YID 1m 3m 12rn Abe 44.8% .05% -62% 73.6% Rel 182% 4.5% -12.1