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rities market or any other UAE exchange. UK: Approved by 1)85 AG. authorized and regulated in the UK by the Financial Services Authority A member of the London Stock Exchange. This publication is distributed to private clients of UB5 London in the UK. Wnere products or services are provided from outside the UK, they will
e maintaining our recommen- dation to underweight the Japanese yen. The Japanese economy continues to weaken against its peers, raising pressure on the Bank of Japan to engage in further quan- titative easing. We have also closed our preference for the Canadian dollar, which is less attractively valued after sol
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should profit in the medium term. e Longer-term debt issues and weak competitiveness of major exporters are hurting the Japanese economy. Therefore the Bank of Japan and Ministry of Finance will maintain an expansive policy and continue to try weaken the JPY. However, current positive growth dynamics are supportiv
Page: HOUSE_OVERSIGHT_024165 →the Securities and Futures Act (Cap. 289) UK: Approved by UBS AG, authorized and regulated in the UK by the Financial Services Authority. A member of the London Stock Exchange. This publication is distributed to private clients of UBS London in the UK. Where products or services are provided from outside the UK, they will n
Page: HOUSE_OVERSIGHT_024178 →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
Page: HOUSE_OVERSIGHT_025250 →urities market or any other UAE exchange. UK: Approved by UBS AG, authorized and regulated in the UK by the Financial Services Authority. A member of the London Stock Exchange. This publication is distributed to private clients of UBS London in the UK. Where products or services are provided from outside the UK, they will n
Page: HOUSE_OVERSIGHT_025290 →Entities connected to both the London Stock Exchange and the Bank of Japan

Frankfurt
LOCATION
Malaysia
LOCATION
Marc Rich
PERSON
Eurozone
ORGANIZATION
United Kingdom
LOCATION
North America
LOCATION
Hungary
LOCATION
Tokyo
LOCATION
Barack Obama
PERSON
Belgium
LOCATION
Eric Holder
PERSON
Sydney
LOCATION
New Zealand
LOCATION
Luxembourg
LOCATION
JPMorgan Chase
ORGANIZATIONThe Monetary Authority of Singapore
ORGANIZATION
United States
LOCATION
U.S. Treasury
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATION
Philippines
LOCATION