Epstein Secrets

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 2.3 2.9 Singapore 4.9 1.2 1 2.3 0.5 -5.9 1.8 1 6.1 t 1.6 4.1 6.1 5.3

than trend shifts. • Last week, we raised our USD/JPY forecasts from a 2013 range of 75.85 to a range of 80-90. We have always been sceptical that the Bank of Japan would be able to drive up Japanese inflation and drive down real yields versus the US to power USD/JPY higher throughout 2013, but there is no deny

e appreciation of the yen, once again pushing the Bank of Japan’s (BOJ’s) 2% inflation target further into the futu

u of Labor Statistics BOE: Bank of England BOJ: Bank of Japan CAGR: compound annual growth rate CDS: credit de

ae} f= i} chile (1.2%) & I EM Russia (4.5%) Taiwan (12.2%) Korea (14.4%) Turkey (1.0%) Malaysia (2.5%) Thailand (2.3%} China (26.5%) Mexico (3.5%) Philippines (1.2%) Poland (1.1%) Indonesia (2.6%) India (8.3%) Brazil (7.7%) South Africa (7.1%) Data as of December 31, 2016. Note: Based on monthly data sin

Foreign Exchange We remain underweight the Japanese yen. The Japanese economy continues to weaken against its peers, leading to rising pressure for the Bank of Japan to engage in further quantitative easing. We have closed our preference for the Canadian dollar following its recent strength, and therefore close ou

ces within Asia ex Japan (relative to MSCI Asia ex Japan) underweight neutral overweight China —————] Hong Kong India Indonesia | Korea a Malaysia | Philippines 7 Singapore Taiwan Thailand Others Bnew old For further information please contact ClO asset class specialist Kelvin Tay, [email protected] 20 Ple

lar to QE itself. Beyond that, this is another small step towards perceptions that monetary policy is no longer independent from fiscal policy, like the Bank of Japan’s joint statement with two government ministers last month. Nobody knows the tipping point at which these perceptions feed into much higher inflation e

T 3.0 3.0 40 40 41 45 3.9 2.2 Korea 3.6 23 3.2 25 1.1 0.6 35 3.0 40 45 40 24 19 3.0 Malaysia 51 5.0 t 3.7 t 58 59 25 3.5 T 3.5 T 3.0 3.5 3.2 d 1.1 2 Philippines 3.8 53 35 12.6 0.9 12 2 45 45 45 47 29 23 23 Singapore 49 154 2.54 95) -07 3.90 3.24 49. 1.6 T 41 55 53 4.5 T 4.0 T Taiwan 4.0 12 34 1.6 22 SS 3.8 55