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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
et des As,surances", towhich this publication has not been subm tted for approval. Canaille in Canada, this publication is distributed to clients of UBS Wealth Management Canada by UBS Investment Management Canada kg.. Dubai: Research is issued by UBS AG Dubai Branch within the DEC. FS intended for professional clients only
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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 →e et des Assurances”, to which this publication has not been submitted for approval. Canada: In Canada, this publication is distributed to clients of UBS Wealth Management Canada by UBS Investment Management Canada Inc. France : This document is distributed by UBS (France) S.A., a French joint stock company with an Executive B
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 →e et des Assurances", to which this publication has not been submitted for approval. Canada: In Canada, this publication is distributed to clients of UBS Wealth Management Canada by UBS Investment Management Canada Inc.. Dubai: Research is issued by UBS AG Dubai Branch within the DIFC, is intended for professional clients only
Page: HOUSE_OVERSIGHT_025290 →Entities connected to both the Bank of Japan and UBS Wealth Management Canada

Eurozone
ORGANIZATION
Malaysia
LOCATION
Barack Obama
PERSONThe Monetary Authority of Singapore
ORGANIZATION
U.S. Treasury
ORGANIZATION
Eric Holder
PERSON
Hungary
LOCATION
Marc Rich
PERSON
Belgium
LOCATION
the Ministry of Finance
ORGANIZATIONthe European Central Bank
ORGANIZATIONthe London Stock Exchange
ORGANIZATION
Luxembourg
LOCATIONthe Financial Services Compensation Scheme
ORGANIZATION
the Bank of England
ORGANIZATIONUtilities
ORGANIZATION
Hong Kong
LOCATION
North America
LOCATIONEurogroup
ORGANIZATION
United Arab Emirates
LOCATION