Epstein Secrets

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

lients of UB5 London in the UK. Wnere products or services are provided from outside the UK, they will not be covered by the UK regulatory regime or the Financial Services Compensation Scheme. USA: This document is not intended for distribution into the US and) or to US persons. UBS Securities LUX is a subsidiary of MS AG and an affiliate

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

clients of UBS London in the UK. Where products or services are provided from outside the UK, they will not be covered by the UK regulatory regime or the Financial Services Compensation Scheme. © UBS 2012. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved 36 UBS . HOUSE_OVERSIGHT_02417

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

clients of UBS London in the UK. Where products or services are provided from outside the UK, they will not be covered by the UK regulatory regime or the Financial Services Compensation Scheme. USA: This document is not intended for distribution into the US and / or to US persons. UBS Securities LLC is a subsidiary of UBS AG and an affiliat