Epstein Secrets

(Chart 3). This is also in line with the global rotation expected by Michael Hartnett (The Flow Show: The Inflation Era Begins 10 November 2016). 3) Nikkei winner of steeper UST and strong macro In a scenario of strong external demand and US rate hikes (particularly with curve steepening), Japan equitie

ength of medium-term GDP and inflation 2.0 Real GDP YoY 4 4 CPlextreshfood YoY gg oe a 08 0.0 O05 OvT6 OTE ove Cv1é OvTT ov1s BBofAML | Consensus (Bloonberg, as of 1& Now 2076) Source: BofA Merrill Lynch forecasts, Bloomberg Izumi Devalier © Japan Economist Merrill Lynch (Japan) HOUSE_OVERSIGHT_014402

cals Source: BofA Merrill Lynch Global Research, Bloomberg, Haver Exhibit 2: Shares rated Buy by our analys

(Chart 3). This is also in line with the global rotation expected by Michael Hartnett (The Flow Show: The Inflation Era Begins 10 November 2016). 3) Nikkei winner of steeper UST and strong macro In a scenario of strong external demand and US rate hikes (particularly with curve steepening), Japan equitie

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can but also want to protect ourselves from a further surge in the USD and rates. We diversify our equity long in EM and European yield with a long Nikkei position. It is not the best entry point but we suspect it has further to run on a one year horizon. A stronger USD is good for Japanese equities whe

orate Finance The NASDAQ OMX Group FBC Group Ltd Bloomberg News The New York Times Liberty Global Inc. Col

ate Finance The NASDAQ OMX Group FBC Group Ltd Bloomberg News The New York Times Liberty Global Inc. Colliers International Nihon Keizai Shimbun (Nikkei) NHK (Japan Broadcasting Corporation) Think Tank SophiaBank The Monitor Group Will Seed Co. Ltd Nomura International Plc First International Resou